Puregold Price Club Inc., a supermarket operator owned by businessman Lucio Co, said Tuesday it expects to expand its network to 500 outlets over the next two to three hers through acquisitions and organic expansion.
Levi Labra, Puregold board consultant, said during the annual stockholders meeting the company was planning to add 30 stores this year. He said if mobility restrictions were eased, could increase to 35 to 40 stores.
The company is also considering building smaller stores amid the pandemic. Puregold had 403 stores as of end-2020.
Puregold director Leonardo Dayao said the company was also looking to expand its existing network through acquisitions. Dayao said the group was eyeing potential acquisition in allied sectors including logistics.
“The group is always on the lookout for opportunities for acquisitions. But while expansion is being done in an organic manner or by adding more stores, the company remains on the lookout for acquisition, which has been one of our templates for growth,” Dayao said.
Aside from Puregold stores, the grocery chain also operates S&R membership stores and 46 quick service restaurants.
Puregold said to reach out to more customers, it was planning to directly sell goods in residential areas by holding 300 caravans a month. The plan would depend on mobility restrictions being implemented by the government.
Puregold earlier said it plans to spend up to P4.7 billion in capital expenditures for 2021 primarily to roll out more stores.
Puregold reported a consolidated net income of P8.05 billion in 2020, up by 18.9 percent from P6.77 billion in 2019. Consolidated net sales increased by 9.2 percent to P168.63 billion in 2020 as the company focused on online shopping and digitalization.