MANILA, Philippines - Supermarket chain Puregold Price Club Inc. is expanding at a much faster rate than initially expected. The company, owned by businessman Lucio Co, is hoping to have 200 stores by 2014, a year earlier than initially targeted.
Puregold president Leonardo Dayao said 25 new stores will be opened this year, and another 25 will be opened by 2014.
Puregold already has 156 stores as of end-2012. This includes 150 Puregold outlets and 6 S&R Shopping centers. The company had earlier projected to have 200 stores by 2015.
This year, the company will enter the Mindanao market, with the opening of an S&R store in Davao City and a Puregold outlet in Cagayan De Oro.
Dayao also said Puregold is in talks for possible acquisitions, but declined to name the parties involved.
Puregold has allocated P3 billion for capital expenditures in 2013, which will mainly be used for store construction.
The company is also setting aside P200 million to convert 19 recently acquired Parco stores into Puregold.