Prince Warehouse opens new venture

Noting the economic upswing of Cebu, the Prince Warehouse Club Group spent about P35 million for a retail expansion facility near the port area, the first major investment made by the company in the last five years.

The Prince Warehouse Club Inc. is set to open a two-story MC City Square, transforming the old MCWD (Metro Cebu Water District) building to an entertainment, shopping and leisure destination in the downtown area.

"We see that in the next few years, business in Cebu, especially in retail and entertainment will be much more in good shape," said Prince Warehouse Club president Robert Go in an interview.

Go said aside from opening a department store type in the second floor of the building, the ground floor which measures 1,300 square meters will be turned into a Tiange-Tiange, wherein tenants will offer RTW, accessories, handicrafts, shoes, bags, products, of a mini "Greenhills" in Cebu.

For the renovation of the century-old building, Go said the company has spent P10 million, another P25 million is spent for the inventories of the new retail and lifestyle facility that is set to open this coming October 6, 2006.

The Prince Warehouse Club chain of "bodega" type department store and grocery has six outlets in Metro Cebu, the MC City Square, will be the 7th store opened by the company since 1991.

Aside from the department store and the Tiange-Tiange, MC City Square will also open a "decent" food strip, and coffee shop, that will primary serve tourists, and passengers waiting for their boats in the pier.

The MC City Square is located near City Hall, and the port area. According to Go, the company has already planned to strengthen the security in the upcoming commercial and lifestyle complex.

Go's eldest daughter, Rhea Go will manage the Tiange-Tiange operation via Prince Warehouse' sister company VisCebu Development Corporation.

The Tiange-Tiange, at the ground floor of the complex will be positioned as a major shopping center for visiting tourists, especially those who are going to Sto. Niño Church, Fort San Pedro, Plaza Independencia, Magellan's Cross, and other tourist spots located in the down town area.

The Tiange-Tiange component will have 50 tenants.

"We will be housing souvenir shops, delicatessen, export goods, and other products that are primarily marketed to tourists," Rhea Go said.

About 160 square meters to 170 square meters are commercial spaces available for service-oriented businesses, like cellphone shops, Internet café, Spa, among others.

Moreover, Go emphasized that the opening of MC City Square, will have the biggest parking area among establishments located in the down town area, which can accommodate up to maximum of 46 cars at one time.