THE Metro Retail Stores Group, Inc. (MRSGI) has entered into a 25-year lease agreement with the local government of Bais, Negros Oriental to set up its first store in the province, said the company in a disclosure yesterday.
MRSGI said it is leasing a building owned by the Bais City Government, which is scheduled for turnover in March 2017.
The expansion, according to MRSGI chairman and chief executive officer Frank S. Gaisano, is part of the company’s strategic goal to double its footprint within five years.
Gaisano said the hypermarket in Bais will also serve the neighboring municipalities of Manjuyod, Mabinay, Ayungon, Bindoy, and Tayasan.
Bais is located 45 kilometers away from Dumaguete City. It hosts several sugar mills and is one of Negros Occidental’s largest producers of raw sugar.
MRSGI operates 49 stores across the supermarket, department store, and hypermarket formats.
It has recently inked an agreement with Ayala Land, Inc. (ALI) for the establishment of its stores in four new Ayala commercial developments in Capitol Central in Bacolod City, Negros Occidental; in Mandurriao, Iloilo City; in Central Bloc in Cebu City; and in the Ayala Malls Feliz in Pasig City.
The company, most known as Metro Gaisano locally, posted a 69.2 percent increase in net income after taxes for the first quarter of 2016.
Metro stores are present in key cities in Central, Western and Eastern Visayas, as well as in Central Luzon, Metro Manila, and South Luzon.
According to Euromonitor, Metro is the Visayas’ largest department store and hypermarket operator, and second-largest supermarket operator in 2014 in terms of retail sales value. Metro was also Cebu’s largest retailer across all three store formats in terms of retail value in the same year.