Magazines Archives - 2007 June

THE thriving Philippine retail industry is expected to grow by more than 7% this year, according to Samie Lim, president of the Philippine Chamber of Commerce and Industry (PCCI), and chairman emeritus of the Philippine Retailers Association (PRA). At the same time, the country’s first-quarter GDP, which hit a record high of 6.9%, is said to be at a record 17-year high.

Lim pinpointed the 2007 mid-term elections as a significant aspect in the growth of the retail industry. He also cited the nation’s trillion-peso an infrastructure budget, rising remittances and investments, and falling prices as contributory to the growing retail expenditure.

In the country’s first Cebu Retail Conference, held in April this year, PRA chairman Mars Chua credited Filipinos’ greater spending power for the bullish domestic retail industry. Two of the main reasons he cited for this were the high-earning overseas workers and growing employment rate in the Philippines.

Retailers are exploring the different regions in the country, Chua said, to set up their stores and outlets in more towns and cities — a clear indicator that the industry is growing.

Meanwhile, in order to boost the industry, retailers are looking at ways to improve their marketing, branding and m e r c h a n d i s i n g means to draw more customers and reinforce their hold on the Philippine market.