GAISANO-LED Metro Retail Stores Group Inc., the retail arm of the Viscal Group of Companies, is set to build a supermarket and department store in Megaworld Corp.’s Iloilo business park.
Megaworld announced that Metro Retail has acquired around 9,000 square meters of commercial property within the Iloilo Business Park, Megaworld’s integrated urban township in Mandurriao, Iloilo City.
Frank Gaisano, chairman and CEO of Metro Retail, expressed optimism for the new partnership.
“We are proud to have cemented a formidable partnership with Megaworld Corp., one of the country’s most reputable developers, and we look forward to realize synergies from this strategic alliance,” Gaisano said, adding that the partnership will be beneficial to both companies.
“As a retail industry leader, Metro’s linkage with property developers is crucial to our success, and this partnership will be mutually beneficial as both Megaworld and Metro move towards aggressive expansion,” he added.
Kevin Tan, Megaworld first vice president and head of commercial division, said his company welcomes the entry of Metro into the Iloilo business park.
“We welcome companies like the Metro Retail Stores Group, Inc. to the Iloilo Business Park. As one of the largest retail chains in the Visayas, they will be able to provide a wide
variety of retail offerings to the growing population of the township,” said Tan.
The Iloilo Business Park is a 72-hectare project that is envisioned to be the center of business, lifestyle and tourism in Region 6.
Besides offering luxury residential condominiums, the township will also house two first-class business hotels: the Richmonde Hotel Iloilo and Courtyard by Marriott.
It will also be home to the Iloilo Convention Center, which will be the biggest convention facility in the region once completed, featuring state-of-the-art BPO office towers and a 1.1-kilometer Street of Festive Walk, which will be the longest commercial and retail strip in the Visayas and Mindanao region.
Megaworld recently reported that 80 percent of the development’s commercial lots have been sold since it was launched in 2013.