Metro Retail launches 2 projects in Visayas
Metro Retail Stores Group Inc. INQUIRER FILES
MANILA, Philippines — Gaisano-led Metro Retail Stores Group Inc. (MRSGI) has expanded its network in the Visayas with two new retail projects in the provinces of Samar and Negros Occidental amid expectations that consumption will improve in areas outside the National Capital Region.
In a stock exchange filing on Thursday, MRSGI said it had inked a joint venture agreement with the provincial government of Samar to develop a two-story retail building in Catbalogan City.
The facility, which will be part of the project’s first phase in the province, will feature a supermarket, compact department store, convention center, government center and transport terminal, according to MRSGI.
READ: Metro Retail pursues five-year expansion in Luzon
This will be expanded into a two- to three-story mall and likely feature a hotel, the company added.
At the same time, MRSGI partnered with the local government of Hinigaran in Negros Occidental to transform an old public market into a three-story retail complex.
The 6,000-square-meter facility will house home improvement stores, a supermarket and retail spaces for local businesses.
MRSGI, whose network also extends to Luzon, noted that the complex would likewise be connected to the nearby Ceres bus terminal to improve access.
“As the economies of regions like Negros Occidental and Eastern Samar continue to grow … MRSGI is capitalizing on these opportunities, MRSGI president and chief operating officer Manuel Alberto said, citing strong gross domestic product growth in these provinces.
“Through our strategic partnerships with local and provincial governments, we are not just expanding our retail footprint; we are creating hubs of opportunity that provide jobs, services and economic growth to the region,” he added.
Data from the Philippine Statistics Authority show that Eastern Samar posted the fastest growth among all other economies in Eastern Visayas in 2023 at 8.1 percent.
Negros Occidental also registered a 6.9-percent growth from 6.8 percent in 2022.
MRSGI currently has 70 branches scattered in Luzon and the Visayas under its Metro Supermarket, Metro Department Store, Super Metro Hypermarket, Metro Value Mart and Metro Home and Lifestyle formats.
Expansion-related costs pulled down the earnings of MRSGI in the first nine months of 2024 by 19.6 percent to P204.7 million.
Net sales, meanwhile, inched up by 4.2 percent to P27.6 billion, buoyed by a 5.8-percent climb in the food retail segment.
