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NEWS UPDATES 12 August  2010

Philippines retail sees double-digits

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Philippine retailers are bullish this year, with some eyeing to expand overseas,

industry leaders said during the start of a national conference on Wednesday. "We are very optimistic," Bernie Liu, Philippine Retailers Association (PRA) president, told media.

The clothing retail executive said the domestic retail sector would grow up to 10 percent in 2010, after last year's flat sales when many consumers held on to their hard-earned money amid the global recession.

"But the global economic crisis did not hit us that bad," said Liu, who runs Golden ABC Inc., the sales of which have risen 20 percent year-on-year.

The last time retail sales grew by double-digits was in 2007, which was a banner year, he said.

Golden ABC's clothing and apparel brands include Penshopp?, Oxygen, Memo, For Me and Regatta. The company is also into the direct selling business
under the name Red Logo. Golden ABC has more than 400 outlets nationwide.

But bigger opportunities await Filipino retailers that would tap the global market, Liu said.

"It is a pride for us to see Filipino brands going global," he said.

In the case Golden ABC, its Penshoppe by yearend would have three shops in China and five in Saudi Arabia, Liu said.

"There's a lot of potential for growth [of Penshoppe] abroad," he added.

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