The Gaisano-led Metro Retail Stores Group Inc. (MRSGI) has opened its latest department store at the Fairview Terraces Mall in Quezon City, which it recently acquired from the joint venture company of Ayala Land Inc. (ALI), and SSI Group Inc.
The newly opened department store, which spans 14,600 square meters on four levels, is MRSGI’s 49th store in the country.
MRSGI President and Chief Operating Officer Arthur Emmanuel said the firm’s interest in Quezon City is due to the growth potential it offers.
“We continue to harness opportunities presented by highly populated, fast-growing areas like Quezon City as we build on our growth and double our footprint in the next five years,” Emmanuel said.
At present, MRSGI has a total of 49 stores, which includes 24 supermarkets and 13 hypermarkets.
The new Metro Retail store at Fairview Terraces is part of the department store assets that the firm acquired from the ALI and SSI joint venture.
Last March, MRSGI acquired two Wellworth department stores, which includes its store assets from SIAL, a 50-50 joint venture between ALI and SSI. The acquisition cost MRSGI P498 million.
Under the transaction, MRSGI purchased the Wellworth stores located at the UP Town Center and the Fairview Terraces Mall, which have a combined gross floor area of 25,000 square meters.
Last month, MRSGI also opened a two-story department store at the UP Town Center, bringing its department store network to 12.
“This wouldn’t have been possible without the continued support of our trusted partner Ayala Land, with whom we share the same commitment for excellent customer service,” Emmanuel said.
The COO added that the new Fairview Terraces department store is the firm’s eight store with ALI.
In a statement, MRSGI said it has recently signed an agreement with ALI for the establishment of four of its stores in new Ayala commercial developments. These will be located Capitol Central in Bacolod City, Central Bloc in Cebu City, Ayala Malls Feliz in Pasig City and one in Mandurriao in Iloilo City.
Metro stores are present in key cities in Central, Western and Eastern Visayas, as well as in Central Luzon, Metro Manila, and South Luzon. According to Euromonitor, Metro is the Visayas’ largest department store and hypermarket operator, and second-largest supermarket operator in 2014 in terms of retail sales value.