Retailer Puregold Price Club Inc. is eyeing more mergers and acquisitions, on top of its planned retail network expansion, to further boost its supermarket network nationwide, company chair Lucio Co said.
“With our capital and ambition, the potential to expand and share the Puregold experience with more Filipinos in the country is promising,” Co said.
Co made the statement after Puregold hit its 200-store target this year, another milestone that would be marked with the roll out of more branches.
“I’m happy to announce that more stores will open past that mark before the end of the year. I believe we have set a new record—the most number of stores in a supermarket format,” Co said.
Puregold president Leonardo Dayao noted that the company had recently opened three stores in Pangasinan, two in Zambales, three in Davao and one in Bacolod City. The company’s site identification and acquisition groups are prepared to acquire more locations.
“At the end of 2013, our store count will be over 200,” Dayao said.
Puregold now has a 40,000-strong work force, more than 3,500 trade partners and millions of loyal customers who have propelled Puregold to success, Co noted.
He said that when Puregold went public in 2011 despite the unfavorable capital market conditions, the share price went down from P12.50 to P10.68 after the bell rang. As of Oct. 11, he said, the share price had advanced to P47.50, or an increase of 400 percent.
“I am humbled by the public’s trust and confidence in us. I never imagined this would happen. To our investors, I said then and I say it now: your money is safe with us,” he said.