MerryMart gets SEC approval for P1.6B IPO

first_imgIn preparation for its rapid growth,MerryMart recently went gone live on its SAP ERP system. It will also soon beavailable in both online and offline channels. “Our family initially had no plans toexpand the retail business, but our recent experiences made us realize the needfor us to be in the modern retail business, and we believe we will be in itwhile the transition from traditional retail to modern retail is still ongoing.Moreover there are undeniable synergies between the real estate and retailbusinesses. I will be glad to see both DoubleDragon and MerryMart to soon growhand in hand and become formidable companies that will significantly contributein building our nation,” Sia added. MerryMart also expects to set upseveral MerryMart warehouses and distribution centers to support the MerryMartbranches around the country and intends to locate these in DoubleDragon’sCentralHub warehouse complexes. MerryMart Group will focus on sunriseconsumer-related businesses in the long term as the company has full confidencein the long term prospects of the Philippines./PN The smallest format, MerryMart Store,is a household essential store concept that combines Grocery + Personal Care +Pharmacy. The 3-in-1 innovation and expansion through franchising is expectedto bring in operational efficiencies and enable MerryMart to rapidly scale upand build up durable competitive advantage. The MerryMart expansion is seen tocreate over 15,000 new jobs for the Filipino workforce in the near term, andexpected to exceed 50,000 system-wide workforce by 2030. The Philippine economyis expected to fully benefit from MerryMart being a local Filipino homegrownbrand. MerryMart aims to maintain its growthmomentum to reach 600 branches by 2025 and 1,200 branches by 2030. MerryMart plans the development of thecompany brand through company-owned stores, as well as opening it for franchiseto the public. According to the business tycoon, “Ourteam will strive hard to make MerryMart become one of the Top 3 consumercompanies in the Philippines by 2030.” MerryMart will serve as a platform forthe existing local and traditional groceries to convert and be part of a modernbranded retail chain network while retaining ownership of the store as afranchisee of MerryMart. center_img Being part of the MerryMart networkwill enable the current traditional retailers to future-proof themselves andkeep them relevant for the next many decades and also enable them to bridge theongoing shift from traditional retail to modern retail. This shift isinevitable when a developing country evolves to eventually become a first worldcountry. The MerryMart Group has sevenoperating branches as of February 2020 and currently has 13 more branches undersimultaneous construction. MerryMart has set its 12-12-12 Vision2030 with the goal of rolling out a total of 1,200 branches nationwide. It aimsto reach P120 billion in system-wide sales revenue. It aims to cover all the groceryretail categories from small, medium and large retail formats namely: MerryMartStore, MerryMart Market and MerryMart Grocery. The 100th branch is expected to openby the fourth quarter of 2021 next year. ON March 11, MerryMart Consumer Corp.received a pre-effective approval from the Securities and Exchange Commission(SEC) for its Initial Public Offering (IPO) for a primary offer of1,594,936,709 shares at up to P1 per share. “We would like to take advantage ofour group’s knowhow in franchising, and our familiarity of the Philippinemarket terrain, just like in the rollout of Mang Inasal, CityMall, Hotel 101and CentralHub network. We believe this step will further strengthen the marketgrip of all the industries that our group is involved in,” said Edgar “Injap”Sia II. Franchising also creates businessopportunities for many budding entrepreneurs.last_img

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