MANILA, Philippines—Multi-format retailer Robinsons Retail Holdings Inc. (RRHI) is taking full control of the local franchise of convenience store operator Ministop following the decision of Ministop Japan to exit the Philippine and South Korean consumer markets.
RRHI will acquire Ministop Japan’s 40 percent stake, raising its interest in the 456-store local chain to 100 percent, the Gokongwei-led retailer disclosed to the Philippine Stock Exchange on Monday (Jan. 24).
Under the new agreement with Ministop Japan, RRHI will continue to operate the stores using the Ministop brand within the transition period agreed upon with Ministop Japan, until the stores are “repurposed and appropriately rebranded in consideration of strong ready-to-eat offerings such as Uncle John’s Fried Chicken and Kariman.”
“I would like to thank Ministop Japan for our partnership over the years. Under the Ministop banner we were able to bring to the public well-loved products and essential services,” said Robina Gokongwei-Pe, RRHI president and CEO.
“Our stores will continue to carry our bestsellers while we continue to diversify our ready-to-eat menu and offer new products to the market. Customers can also rely on our convenient e-services and bills payment facilities,” said Suresh Ramalinggam, general manager of Ministop Philippines.
RRHI owns the Ministop franchise through its wholly owned subsidiary, Robinsons Supermarket Corp., the same entity that will acquire Ministop Japan’s 40 percent stake in Robinsons Convenience Stores Inc. (RCSI) this February, the exclusive franchisee of Ministop in the Philippines.