ROBINSONS Retail Holdings Inc. (RRHI), the listed commercial retail unit of the Gokongwei family, has budgeted P6 billion for expansion this year in an effort to expand its store network to 1,600.
During the company’s annual stockholders’ meeting late Thursday, RRHI President and Chief Operating Officer Robina Gokongwei-Pe said the plans to open 350 stores this year is part of an expansion program covering across the company’s retail brands.
“We are allotting P6 billion in capital expenditures, to end with 1,600 stores through 350 new stores this year,” Gokongwei-Pe said.
As of end-March, the company registered 1,356 stores nationwide – 587 stores in Metro Manila, 584 in Luzon, 126 in Visayas and 59 in Mindanao – with 896,000 square meters of retail space.
The expansion is in line with the company’s widening scope of business, Gokongwei-Pe said, adding that the group is also “… on the lookout for new acquisitions to grow the company.”
Store formats created last year – Robinsons Easymart and Robinsons Selections – are also set to undergo expansion. As of the first three months of the year, Gokongwei-Pe said there were eight Robinsons Easymarts and one Robinsons Selections store in Bonifacio Global City.
Costa Coffee – another new venture last year – is also expected to grow into four shops this year, Gokongwei-Pe said.
RRHI Chairman and CEO John L. Gokongwei Jr. also announced that the firm will reward stockholders with a cash dividend of P0.51 per share, payable in September.
In the first quarter of the year, the company posted a 28-percent increase in net income to P822 million from P642 million a year earlier. Revenues climbed 13 percent to P19.71 billion from P17.42 billion.
Apart from Robinsons malls and supermarkets, the company’s retail brands include Handyman Do it Best, A.M. Builders’ Depot, True Value, Topshop, Topman, Shiseido, Benefit, Toys “R” Us, Daiso Japan, Ministop and South Star drug store chain.