Thursday, October 16, 2008 Retailers’ group urge businesses to prepare for effect of crisis on RP
MOST retailers in Cebu may yet to experience the effects of the financial crisis that is threatening more developed economies in the world, but preparing for the eventuality will save Philippine business organizations.
This was stressed by the Philippine Retailers Association (PRA) Cebu in a press conference yesterday.
Newly elected PRA Cebu president Melanie Ng said the effects of the financial crisis that is affecting European countries, the United States and other developed economies in Asia will probably start setting in next year.
“We have to brace ourselves for next year,” she said. “There’s mixed reactions in the retail sector. (As of now), people still have buying power but growth (this year) may not be as strong as the previous year. That’s why we have to improve products, have proper merchandising,” she added.
During the press launch of the Ernst & Young Entrepreneur of the Year awards, Jonathan Jay Aldeguer of Islands Souvenirs Group warned that the effects of the present crisis “will trickle down faster” than the Asian financial crisis in 1997.
The Asian financial crunch took effect in the Philippines two years after financial markets East Asia crashed and mainly affected the retail and tourism industries.
But Aldeguer, also PRA Cebu chairman, said business organizations have learned from the past crisis and many are able to overcome the present crisis.
“It is important to be nimble. Businesses have to keep their operations organized,” he said.
Chris Tio, a member of the board of PRA Cebu, said times of crisis raise the need for organization.
Tio of Sun Toys International Retail said PRA Cebu offers the kind of support that retailers need during crisis.
Ng said the association offers its members various trainings that are designed to help business organizations become more efficient and productive, even as consumers become more prudent with their spending.
She said the group has lined up several training topics according to the needs of retailers, such as visual merchandising, security and customer service.
PRA Cebu currently has 40 members. It recently received membership applications from eight retail companies.
Tio said PRA Cebu can help even small retailers network with big names in the industry. “(And) collectively, we can accomplish so much,” he added.
PRA Cebu will induct its new set of officers on Oct. 29. On Nov. 10 to 11, the group will also hold a job fair at the Ayala Center Cebu. (LAP)
