By Leslie D. Venzon
MANILA, Aug. 2 (PNA) — The Villar Group is spending around Php30.5 billion to expand its shopping malls and retailing segments in the next three years, in line with plans to publicly list these businesses.
“We haven’t discussed the details yet but we’re really preparing for an offering for Starmalls next year to fund our expansion. So we will be raising some cash,” Starmalls Inc. chairman Manuel B. Villar told reporters.
Villar said they will open three new Starmall branches in Taguig, Bataan and Sta. Rosa this year; and another five in 2016 to be located in Visayas region particularly in Cebu and Iloilo City.
The investment for each mall is about Php1.5 billion to Php2 billion, he said.
Villar said the company aims to establish five new malls every year until 2017.
He noted the Starmalls expansion complements the expansion of its group’s new retail businesses which now includes All Home construction supply and home furnishings store, All Day convenience stores, as well as a new supermarket chain.
”All my companies are in the expansion mode. So even our All Day, even our Golden Haven memorial park, we expected increases last year, this year and next year. (These are in preparation) for public listings in the next few years,” he added.
Villar, also the chairman of retail holding company All Value Holdings Corp., said the firm will put up three more AllHome appliance and furnishings stores in 2015 and another 12 next year. It recently opened its ninth AllHome store in Las Piñas.
He said the initial batch of the 12 one-stop shops for home furnishings to be established in 2016 are located in Cebu City, Iloilo City, Cagayan de Oro City and Davao City.
The firm will spend around Php300 million to build one larger-format AllHome appliance and furnishings store which will have 8,000 to 20,000 square meters, he added.
Despite its aggressive expansion, Villar still expects to list home-retailing arm that operates the AllHome stores possibly by 2017.
”It’s too early. There are still (a lot of) opportunities, its growth trajectory is high… Next year, Starmall (maybe listed), then AllHome a year after next,” he noted. (PNA)