MerryMart upgrades targets amid bullish outlook on retail
MANILA, Philippines —Tycoon Edgar “Injap” Sia II’s Merry Mart Consumer Corp. raised its 2030 recurring revenue target to P150 billion, reflecting its strong confidence in the Philippine retail sector despite current inflationary pressures.
MerryMart, which operates grocery stores and supermarkets, said the new figure was 25 percent higher than its original goal.
“When we set our vision and goals, we give it a lot of serious and deep thought, and once set, myself and our team pour our heart and soul towards that,” Sia, the chair and CEO of MerryMart, said in a stock exchange filing on Friday.
To date, MerryMart has 127 branches. The growth was complemented by the expansion of its mobile MM Wholesale app.
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It said MerryMart Wholesale reached a milestone with registered members exceeding 200,000, the filing showed.
E-commerce platform
“The MM Wholesale e-commerce platform customer user base expected to grow to 500,000 this year and carry over 15,000 essential products that businesses, offices, and households consume,” the company said.
MerryMart is supporting its growth with plans to complete a 2-hectare distribution center in Laguna within the year.
This will allow MM Wholesale to “significantly widen its market coverage and will also make its current logistics operations more efficient”.
The introduction of electric trucks in its delivery fleet underscores MerryMart’s commitment to sustainability and innovation in its operations.
MerryMart has outlined an ambitious roadmap to establish a network of 10 MerryMart distribution centers across the Philippines, with facilities set to be rolled out in Luzon, Visayas, and Mindanao.
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This strategic distribution will enable MerryMart to offer its services across all 82 provinces of the country, aiming to cover 99 percent of the Philippine consumer market.
MerryMart earlier reported robust earnings during the first nine months of the year as net income jumped 19.5 percent to P50.8 million while revenues climbed 27 percent to P5.79 billion versus the same period in 2022.
