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Prince eyes rural branchesBy prince_admin | June 21, 2016

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Prince eyes rural branches

By:Vanessa Claire Lucero

SOURCE:http://cebudailynews.inquirer.net/79457/prince-eyes-rural-branches

Veering away from the stiff competition in Metro Cebu, homegrown retailer Prince Retail Group of Companies (Prince Retail) plans to expand its operations in the countryside and continue to focus on providing affordable goods.

Robert Go, Prince Retail chief executive officer (CEO), said more fast moving consumer goods (FMCG) companies are moving towards underserved markets in the north and south of Cebu.

He said Prince Retail, which is dedicated to serving the underserved, is one of the trailblazers.

Competition dictates prices. Because it is so competitive here, retailers sacrifice their margins to retain their market shares, he said.

We are no longer expanding in Cebu. Its too overcrowded, he added.

The company launched seven stores outside Cebu this year, bringing its total number of hypermarkets to 27 stores. At present, Prince Retail has a total of around 5,000 employees.

Hypermarkets belong to a retail format that provides both supermarket items and general merchandise.

In the rural areas, a hypermarket serves as a one-stop shop for daily needs. For next year, Prince retail has not decided on a definite number of stores to launch.

He said the company has found its niche market among the Filipino masses, who need more affordable consumer goods.

The sari-sari mentality will never be completely lost, he said in Cebuano, referring to consumers tendency to buy items in sachets or small packs fit for one-time use.

The sachet economy in the Philippines is unique, he added.

Following the trend, the company focuses more on providing items in sizes fit for a days use and less on bulk items.

Already on its 25th year, Prince Retail has been recognized by the International Finance Corporation (IFC) for its work in implementing green technology and energy conservation measures in its various stores.