The president of the Philippine Retailers Association (PRA) expressed his optimism that the country’s retail industry will continue to grow and could post a double digit growth during the year as it registered P1.4 trillion revenues in 2012.
In a press conference held at the sidelights of the 16th Outstanding Filipino Retailers and Shopping Centers of the Year Awards Night on Tuesday at the Crowne Plaza Hotel, Frederick D. Go said the growth in the industry could be attributed to the same factors that propelled the country’s economy.
“The increase on OFW remittances, the BPO industry that provides high paying jobs….there is a lot of reasons to be optimistic about,” Go said. He added that “election year is a good year for retail industries.”
The retail industry is a multi-billion industry and for decades, its concepts grew from 50 to 1,300 of which 70 percent are homegrown. The industry has registered a 30 percent growth since two decades ago.
Go, however, said the entry of foreign franchise to the country has been good for retailing industry as a whole as it allows the local industry to compete and benefit from joint ventures.
For his part, Samie Lim, recipient of the “Pioneering Pillar of Franchising” Award said retail industry, the only sustainable industry in the country, continue to be the reliable partner of the government in economic development.
Lim said retailing, franchising for that matter, accounted to 40 percent of the small and medium enterprises (SMEs) and 90 percent of franchises were “created for life.” He explained the fastest way to retailing is through franchising.
Franchising is the pillar of retailing. It grows at a pace faster than the traditional way of retailing, Lim said.
Department of Trade and Industry (DTI) Undersectary Zenaida Maglaya, who the message of Pres. Aquino, said “retailers have opened doors of opportunity for growth and development.”