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Saturday, January 29, 2005
Islands Souvenirs expands further
ISLANDS Souvenirs Inc. (ISI) is continuing its expansion through franchising not only in the local arena but in the global scene as well.
ISI president and chief executive officer Jay Aldeguer said the company is sharing the success of its business with local entrepreneurs, as well as with businessmen in other parts of the world to take advantage of the growing souvenir industry worldwide.
“The souvenir industry is a thriving multimillion-dollar industry with a proliferation of souvenir items and shops worldwide. Yet there does not exist a single major brand that dominates this niche,” he said in an interview.
ISI has established an independent affiliate company, the Islands Souvenirs Franchising Corp., to replicate the successful Islands Souvenirs franchise and tap into the immense market potential of the world’s tourist capitals.
Revenues
Aldeguer said the Philippines alone generates P31 million in tourism-related revenues with 80 percent of tourism spending going to souvenirs. On a grand scale, world tourism earns a total of $500 billion from 700 million tourists.
“This market dynamism remains untapped with the souvenir retail industry still in the infancy stage,” he said.
ISI now has international franchisees in Singapore, Japan, San Francisco and recently, Macau. ISI’s international franchise costs about $40,000 to $50,000.
In the local scene, ISI has more than 140 outlets, including both company owned and franchised outlets.
The franchise fee in the country for the Islands Souvenirs brand ranges from P50,000 to P2.5 million. The fee will cover the use of the trade name, training for the staff and formation of the product group, which will include a design team.
ISI’s franchising is part of the Aldeguer Group’s plan to expand its core business in retail clothing.
Other retail clothing companies under the Aldeguer Group are Loalde Inc., USA Sports Inc., Wacky Inc. and Bisaya Ispisyal Inc.
The Cebu-grown ISI bagged the franchise development award given by the Philippine Retailers Association last year. (JBN)
(January 29, 2005 issue)
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