Sari-sari store sales to hit P2.4 trillion by 2030

MANILA, Philippines — Sari-sari stores are expected to remain a significant contributor to the economy and generate over P2 trillion worth of retail sales by 2030, according to the Department of Trade and Industry (DTI) and the retail and supply chain sectors.

Under the Job Blueprint for Wholesale and Retail Trade launched by the DTI, Philippine Retailers Association and Supply Chain Management Association of the Philippines, sari-sari stores are projected to have a retail value of P2.4 trillion by 2030.

For this year, Trade Secretary Cristina Roque said the DTI wants to see a 10-percent increase in sari-sari stores’ sales.

Sari-sari stores are currently estimated to contribute P1.12 trillion to P1.46 trillion annually to the economy.

There are 1.3 million sari-sari stores in the country, with each store generating average sales of P861,000 to P1.12 million per year.

Sari-sari stores also contribute significantly to employment, accounting for 8.3 percent of the total informal workforce.

“These stores not only provide livelihoods for their owners but also create jobs for others in the community, often in areas underserved by larger retail formats,” the job blueprint read.

Despite the sari-sari stores’ contribution to the economy, they continue to face challenges that hinder their growth and sustainability.

In particular, the job blueprint cited the lack of business skills and limited access to capital make it difficult for sari-sari stores to expand.

To address these challenges, the blueprint identified strategies to promote the growth of sari-sari stores.

In particular, it said there is a need to enhance the operational efficiency and market reach of sari-sari stores by integrating digital tools in inventory and financial management.

A project involving the integration of a point-of-sale system in the inventory and financial management of large sari-sari stores will be implemented.

The blueprint also cited the importance of tailored financial products for sari-sari store owners.

Other strategies identified in the blueprint are the implementation of training programs to improve sari-sari stores’ business acumen, diversification of product offerings beyond fast moving consumer goods, as well as the promotion of environmentally friendly practices including recycling and reduction of plastic use.

The blueprint seeks to provide a comprehensive framework to enhance the competitiveness and enhance the resilience of the country’s wholesale and retail sector.