Lawson store (screengrab from Lawson Philippines website)
Retail magnate Lucio Co-led Puregold Price Club Inc. has decided to exit the convenience store business only three years after diversifying into this highly competitive retailing segment.
Puregold disclosed to the Philippine Stock Exchange on Friday that it had signed an agreement to sell its 70 percent stake in PG Lawson to its Japanese partner Lawson Inc.
The divestment will “enable Puregold to rebalance its risks portfolio in the grocery retail sector and focus its resources in the further development and strengthening of the Puregold brand,” the disclosure said.
The Lawson business represents less than 10 percent of Puregold’s portfolio.
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