Quorum International Inc., a leading sports retail company, expects a 15-percent to 20-percent growth in gross revenues in 2024 amid the robust demand for athletic apparel and footwear.
Quorum International is the group behind retail shops including Toby’s Sports, Toby’s Sports Arena, RUNNR and Urban Athletics as well as online stores tobys.com, runnr.com.ph and urbanathletics.com.ph.
Roberto Claudio, president and chief executive of Quorum International, attributed the growth to the company’s strategic expansion into provincial markets and the sustained popularity of its sports retail brands.
“We are excited about the tremendous growth potential in the provinces. Our brands resonate with consumers who are increasingly prioritizing health and fitness, and we are committed to bringing our quality products and services closer to them,” Claudio said.
Quorum International plans to open four stores across its brands in the coming months, with two in provincial malls and two in Metro Manila.
This follows the successful store openings in Cabanatuan and Tuguegarao, bringing the company’s total store count to 70.
“The demand for athletic wear and sports equipment remains strong, even as we navigate industry-wide challenges such as supply chain disruptions and inflation,” said Claudio.
“We are confident in our ability to adapt and continue delivering value to our customers,” he said.
Quorum International, with the rest of the retail industry, reiterated its call for a level playing field in the retail industry. The company is calling on the government to address the disparity in tax regulations between brick-and-mortar retailers and e-commerce merchants.
“We believe that all businesses, regardless of their operating model, should be subject to the same tax regulations. This will ensure fair competition and promote the growth of the entire retail sector,” Claudio said.
He said physical stores continue to pay 12-percent tax, while online stores pay only 1 percent.
“While a proposal to subject online retailers to the standard 12 percent value-added tax is currently under consideration by the Senate, brick-and-mortar retailers like us are urging the government to expedite this process,” said Claudio.
“Furthermore, we advocate for a comprehensive approach that ensures all online businesses adhere to the same regulations as traditional retailers,” he said.
