Ian Wade, ASW group managing director, also disclosed plans to bring to the country the well-known Park ‘N’ Shop grocery and Fortress consumer electronic store.
"A.S. Watson is actually returning to the Philippines after a 90-year absence," Wade said.
It had established a store in the country way back in 1883 in Escolta, but left in 1912.
The ASW group has decided to return to the country under the Retail Trade Liberalization Law, which according to Wade, is not unfair as claimed by some foreign retailers. "In fact we are here to prove it," he said.
ASW’s return to the country is via the Watsons Personal Care Store which the group plans to expand nationwide from its current 61 stores.
The joint venture between ASW and the SM Group, Wade said, was only signed last March 12 and the final numbers on the investment of ASW and SM is still being finalized.
The ASW controls 60 percent of Watsons, while the SM Group retains 40 percent equity.
The ASW group plans to expand nationwide, mostly within the SM shopping malls.
Wade said that there are also plans for some stand alone stores and the ASW group may even purchase some small drugstores in the process.
The ASW group, Wade assured, is investing in the country long-term and is currently negotiating anew with the SM Group on the possibility of bringing in the Park ‘N’ Shop grocery and the Fortress consumer and electronic store.
However, nothing is final with regard to Park ‘N’ Shop Fortress. Henry Sy Jr., vice president for real estate of the SM Group, said that the SM Group is still evaluating the offer of the ASW group with regard to Park ‘N’ Shop and the Fortress.
Wade admitted that while they are initially offering the tie-up to the SM Group, they are prepared to the Hutchinson Whampoa conglomerate controlled by Hong Kong businessman Li Ka Shing.
Hutchinson Whampoa’s other investment in the country is in the International Container Terminal Services, Inc. (ICTSI).