The Gaisano-led Metro Retail Stores Group Inc. (MRSGI) has opened its latest department store at the UP Town Center in Quezon City, which it recently acquired from the joint venture company of Ayala Land Inc., and SSI Group Inc.
The Metro UP Town Center is a two-story department store with a gross floor area of 10,920 square meters and is MRSGI’s 48th store.
MRSGI Chairman and Chief Executive Officer Frank Gaisano said the opening of the new Quezon City store is in line with the company’s plan to double its footprint in the next five years.
“We are excited to grow our presence in Quezon City, which presents a lot of opportunities with its dynamic economy and large population,” Gaisano said.
He added the firm is also set to open another department store at the Fairview Terraces Mall in Quezon City, which was also part of its recent acquisition from SIAL Specialty Retailers Inc.
Last March, MRSGI acquired two Wellworth department stores, which included the store assets from SIAL, a 50-50 joint venture between ALI and SSI. The acquisition cost for MRSGI was 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.
“Our new Metro department store also underscores the dynamic alliance we have forged with Ayala Land throughout the years, as we look towards mutual growth and build on our shared passion for excellent customer service,” Gaisano said.
The Metro UP Town Center offers shoppers a wide assortment of general merchandise that ranges from apparel, fashion accessories, appliances, electronics, furniture, homeware, hardware, and travel items.
Gaisano added that the firm has also signed another agreement with ALI for the establishment of its stores in four new Ayala commercial developments: 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.