With the pre-qualification, Casino and Orkam can now negotiate with local partners and operate in the country under the Retail Trade Law.
Casino and Orkam’s pre-qualification for entry under the Retail Trade Law follows an earlier announcement stating that the application of McDonalds Corp. for a similar certificate had been approved.
However, Trade and Industry Secretary Manuel Roxas II said the application of Casino and Orkam are not recent and that they have not indicated any fresh interest to enter the local market.
Casino had earlier been in negotiations with Uniwide Sales and was even thought to be the possible "white knight" of the debt-ridden store chain. Casino eventually backed out of the talks.
Under the Retail Trade Law only S & R Price membership shopping has started operations.
In fact, the BOI projects that the government will earn around $5 million each in value-added taxes once S & R completes its full expansion.
S & R has set a target of 10 stores in three years. At present, S & R already has two operating stores. One is at the Fort Bonifacio and the other is at Ortigas Ave. extension.
S & R is set to open two more outlet in the first quarter of this year in Quezon City and along Roxas Boulevard.
A fifth store is also supposedly in the pipeline for this year.
The BOI is also processing the application for pre-qualification of US-based Walmart.
Hong kong-based Watsons Personal Care Stores Ltd. Is also in the midst of negotiations with the SM Group to set up retail stores in the country.