HOMEGROWN international clothing line Penshoppe group is targeting to open 50 new stores locally and 10 to 20 stores abroad as it ramps up its fast fashion retail business in the Philippines and new markets in the Association of Southeast Asian Nations (Asean).
Bernie Liu, chief executive officer of Golden ABC Inc. which runs Penshoppe, told reporters on the sidelines of the Philippine Retailers Association (PRA) awards night Wednesday that the company is targeting to expand its store network across its brands, anchored on the country’s increasing per capita gross domestic product (GDP) and the fast growing commercial retail segment.
“We want to end the year with 40 to 50 stores abroad from the 30 existing and also enter three new territories, likely in Asean, from the five markets we’re present in —Indonesia, Cambodia and other countries in the Middle East. But we hope to be present in five to six countries in Asean,” Liu said.
“We have over 600 stores in the Philippines to date, but we see 50 additional stores in 2015,” he added.
With the rise of urban centers being the focus of major developers, Liu said it is providing opportunities to grow in and out of Manila and an area for local retail brands to “really level up” amid the increasing competition brought about by various international retail brands entering the Philippine market.
“We’ll concentrate on the affinity of our stores, making sure that we are relevant to the market,” he said. “The Philippines right now is in the ‘sweet spot’ of the world and the ‘darling of the West.’ So I think with the good macroecononmic environment, I think we will be able to grow,” he said.
System wide sales totaled P4 billion last year. For 2015, Golden ABC expects to post single-digit growth in its revenues anchored on the country’s solid economic growth.
Established in 1986, Golden ABC is a pioneer in the Philippine fashion retail arena. Its retail brand portfolio includes Penshoppe, Oxygen, ForMe, Memo, Regatta and Tyler.