Metro Retail Stores Group, Inc. (MRSGI) recently conducted its Annual Shareholders Meeting held virtually for the first time and attended by MRSGI’s directors, top executives, shareholders, and business partners.
MRSGI chairman and CEO Frank Gaisano reported that the company capped 2019 with an operating income growth of 21.5% from the previous year at Php1.06 billion. This was on the heels of a Php36.8 billion sales representing an 11.3% increase, coupled with a more tempered growth in operating expenses at 9.3%.
Network-wide same-store sales expanded by 2.2% for the year driven by the improving performance of new comparable stores. He attributed the company’s positive performance to its agile business strategies and improvements in margin enhancement pricing policies, and merchandise assortment.
“2019 was a year of recovery and rebuilding for MRSGI. As we geared up for 2020 with optimism, little did we know that we were to face yet another challenging situation,” Gaisano expressed. “Once again, we drew on our collective experience in facing the COVID-19 pandemic and immediately put into action our business continuity and risk management plans.”
MRSGI President and COO, Manuel Alberto discussed the company’s response to the pandemic as it ramped up its safety and sanitation efforts and adapted to customers’ changing buying behavior and preferences.
Alberto also noted MRSGI’s recognition as the 2019 Regional Retailer of the Year at the 21st Outstanding Filipino Retailers (OFR) Awards conferred by the Philippine Retailers Association (PRA) and the Department of Trade and Industry (DTI). The OFR Awards celebrate Filipino retailers who are outstanding in terms of growth, creativity, and best business practices.
In response to the demand for accessibility to basic goods at the height of the quarantine, MRSGI also launched its mobile commerce initiatives through its Click&Pick, Call&Pickup, and Text&Pickup programs, and partnered with online grocers and last-mile delivery providers to further expand its reach. In addition, the company’s online market platform, shop.themetrostores.ph, was formally launched this year.
“We shall remain firm on our commitment to serve the interests of our customers, employees, shareholders, and the general public. As a responsible corporate citizen, we will never tire of engaging with the communities where we are present. We will not relent on our desire to have a positive impact on the lives and the environment of our communities and the country. This way, we add greater meaning to who we are and what we do as individuals and as a company,” Alberto concluded.
Currently, MRSGI operates 12 department stores, 30 supermarkets, and 13 hypermarkets around the country. The Cebuano multi-format retailer will soon be celebrating its 38th year in the industry.