PUREGOLD Price Club Inc., the country’s largest supermarket chain, will soon start rolling out convenience stores after securing a deal with Japanese retail giant Lawson Asia Pacific Inc. and Lawson Inc.
In a filing with the Philippine Stock Exchange on Friday, the Lucio Co-led firm disclosed that it has entered into a joint venture agreement with the Japanese retailer to build and operate convenience stores in the country over the next seven years.
Lawson Inc. is a convenience store chain in Japan with more than 11,000 outlets in its network. It is the second largest convenience store chain in Japan behind 7-Eleven, and is expanding its presence across other Asian countries and the United States.
Puregold said the deal with Lawson will help it expand its presence in the local retail landscape.
Under the joint venture agreement, Puregold will have a 70 percent stake in each store while Lawson will have 30 percent.
Puregold did not say how many stores under the joint venture will be initially rolled out.
Puregold president Leonardo Dayao earlier said that the company has been looking to expand into convenience stores to diversify its portfolio.
Less than a month ago, Puregold decided to consolidate the operations of two Puregold duty-free branches with the listed supermarket chain, a move that is expected to boost profits in the future.
In the company’s annual stockholder’s meeting held on May 13, Puregold chairman Lucio Co said the company plans to consolidate Puregold Duty Free in Clark and in Subic with the supermarket chain.