GOLDEN ABC, Inc. (GABC) said it plans to open 50 to 100 new stores this year, citing business opportunities amid geopolitical tensions.
“A lot of the expansion would be outside Metro Manila, and we will go where the opportunity brings us,” GABC Chairman and Chief Executive Officer Bernie Liu told reporters on Jan. 28.
“I don’t have the exact number, but we should be looking at maintaining 50 to 100 new stores hopefully for the whole group,” he added.
GABC is the home of fashion brands such as Penshoppe, OXGN, Memo, Regatta, ForMe, and BOCU. The company has over 1000 stores and over one million square feet of retail space.
Mr. Liu said that GABC is identifying opportunities while keeping a close watch on geopolitical tensions, including the increasing tensions between the Philippines and China.
“The tension in China, the election in the US, the war in the Middle East, all of that we’ll just have to monitor things closely,” he noted.
“But I am an optimist, and I believe that the Philippines is well situated to be able to take advantage of the opportunities,” he added.
There is a strong demand for GABC products, he said, adding that the recent Christmas period was a good season for retailers.
“It (demand) will continue. There will be challenges. Just like we’re getting out of the pandemic — the pandemic had a different set of challenges. Now we’re seeing a different level of economic challenges. But if we survived the pandemic, I don’t see any reason why we cannot face the current challenges we face today,” he added.
GABC, founded in 1986, is engaged in the business of creating and selling its own clothing, accessory, footwear, and personal care lines across various brands. — Revin Mikhael D. Ochave