Puregold to open more branches

MANILA, Philippines - Hypermarket chain Puregold Price Club Inc. plan to open more branches across the country before the year ends after hitting the 200-store target ahead of schedule.

Puregold chairman Lucio Co, during the celebration of the opening of its 200th store over the weekend, that the supermarket chain would be roll out more branches this year.

“I’m happy to announce that more stores will open past that mark before the end of the year. I believe we have set a new record – the most number of stores in a supermarket format,” Co said.

Puregold president Leonardo Dayao said the firm’s site identification and acquisition groups are set to acquire more locations to further expand the company’s presence.

“At yearend 2013, our store count shall be over 200,” he said.

On top of the 25-store goal Puregold has set to achieve annually until 2015, Co said the company is also looking at more mergers and acquisitions.

This, as the company intends to further boost its supermarket network nationwide.

“With our capital and ambition, the potential to expand and share the Puregold experience with more Filipinos in the country is promising,” Co said.

“Puregold is far from finished yet,” he added.

In January, Puregold acquired 15 branches of Company E Corp., the operator of Eunilaine and Grocer E supermarts.

Last year, Puregold acquired 19 Parco supermarkets.

The acquired branches are being converted into Puregold stores.

As of the first-half, Puregold saw its net income jump 71.5 percent to to P1.77 billion from P1.03 billion a year ago as a result of the firm’s strategic expansion.