Prince Warehouse Club rebrands-A A +A
Tuesday, July 1, 2014
THE Prince Retail Group announced yesterday that it is rebranding its more than two-decade-old Prince Warehouse Club to Prince Hypermart.
Prince Hypermart chief operations officer Rhea Go said that apart from the name change, the rebranding will also bring with it a modernized shopping experience.
The modernization started early this year. Chief executive officer and president Robert Go refused to disclose how much will be spent for the branding saying efforts are done in trickles.
Among its other branches that have been modernized are Danao, Argao and Dalaguete branches.
The retail group has a total of 15 branches across Visayas and Mindanao, seven of which are in Cebu scattered in the towns of Danao in the north up to Dalaguete in the south.
Prince Hypermart also has branches in Baybay, Maasin, and Naval in Biliran.
5 more branches
By yearend, the company is targeting to open five branches in Visayas and Mindanao, bringing its total branches to 20.
Aside from physical improvement of the Hypermart branches, it has also made changes to its rewards program. From the former Sari-Sari Store Society reward card, it has changed its name to the Prince Royalty Card, where a wider range of incentives are offered especially to Prince Royalty Gold members.
Prince Hypermart supply chain manager Rina Go said Royalty Gold members are those who purchase goods in any Prince Hypermart branches worth P300,000 in one year. The premium membership is targeted to sari-sari store owners who shop in Prince at large volumes.
As a reward, Gold card holders will be provided with a life and health insurance and a VIP express lane as they shop in Prince Hypermart branches.
Others can choose to avail themselves of the Royalty Card where they can earn points as they shop, Rina said.
She assured that although the company is undergoing a rebrand, it will continue to offer low prices to buyers.
The Prince Retail Group also announced its ninth Sari-Sari Store Festival, which will be held in Aug. 8 at the Mandaue City Sports Complex.
The Sari Sari Store Festival is an annual program of the company for the benefit of Cebu’s sari-sari store owners. It will be highlighting different discussions on entrepreneurship, microfinance, merchandising and inventory, financial literacy, and sari-sari store best practices and success stories. There will also be exhibitions from suppliers, distributors, and sponsors.
Robert expressed his support to the growth of sari-sari stores in the country, saying that although there were predictions that they will be inexistent in the coming years due to the growth of big retailers, sari-sari stores will still be present in the neighborhood due to their proximity and convenience.
He said the coming economic integration of the Association of Southeast Asian Nations in 2015 will be bringing in more threats to Filipino micro entrepreneurs operating a sari-sari store business since there will be more foreign retailers coming in. He said it is vital for local players to help the sari-sari store owners grow their business.
The official said that of the ten sari-sari stores that open, nine of them close after a year.
“Sari-sari stores employ a huge chunk of the self-employed working force and are responsible for more than 50 percent of the economy in the countryside. We see the need to help these small but in fact very significant contributors to the economy,” Robert said.
The Prince Retail Group offers a micro financing program to sari-sari store owners.
Robert said they can be assisted with roughly P3,000 to grow their business.
Prince Hypermarket serves 46,000 members, who are mostly sari-sari store owners, from all over the Visayas and Mindanao.
Published in the Sun.Star Cebu newspaper on July 02, 2014.