Gokongwei group to put up more Mini Stop stores

Aiming to overtake the 7-Eleven chain of convenience stores in the next two or three years, the Gokongwei group, through its tie-up with Japan’s Mitsubishi Corp. and Mini Stop Co. Ltd., has mapped out an aggressive expansion program which would involve the establishment of 60 to 80 new stores a year.

In a presentation showcasing the five-year plan for the Robinsons Convenience Stores Inc. (RCSI), the corporate entity formed by the Robinsons retail group, Mitsubishi Corp. and Mini Stop of Japan in 2000, RCSI business group head Johnson Robert Go Jr. said the firm expects to have a total branch network of 320 by the end of 2006 from the current 36.

Go said the group is targeting to open 60 new Mini Stop stores this year, another 75 in 2004 and 2005, and 80 more in 2006.

About P150 million, he said, has already been earmarked for the construction of new convenience stores and capital expenditures this year.

Go said four new Mini Stop stores have already opened in January. He expects five new branches to be completed this month and another six in March to meet the target of 500 to 800 stores in five to 10 years’ time. "Our targets might be aggressive but they are attainable," he said.

He said the expansion is limited to Metro Manila as the group would like to first establish a strong presence in the metropolis before branching out into the provinces. "All our stores will be in Metro Manila unless the outer areas mature into a convenience store type of culture. We would like to achieve a critical mass first," he said.

RCSI is 55 percent owned by the Robinsons retail group while 40 percent is held by Mitsubishi Corp. and the remaining five percent is owned by Mini Stop Co. Ltd.

The Mini Stop chain is one of the leading convenience store networks in Japan and Korea, with annual sales last year of almost $2 billion.