Businessman Manuel B. Villar Jr., the country’s richest individual, plans the expansion next year of the listed retail chain AllHome Corp. and grocery chain operator AllDay Marts Inc. Villar is chairman of both companies.
The privately-held AllValue Holdings Inc. houses his other retail and restaurants. According to him, the planned expansion will focus on smaller, free-standing stores offering the same products and services as their bigger counterparts.
“We started our expansion with the big store formats but we are now discovering the smaller stores can also work in some areas,” Villar said.
He said consumers stepping into bricks-and-mortar stores again for their grocery needs has allowed AllDay Supermarket to report net income surging to P172 million in the first half this year from only P12 million last year.
“We are pleased with AllDay’s steady business results for the first half of 2023,” Villar said. Revenues grew 6 percent to P4.89 billion for the first half from the previous P4.59 billion.
“With the return of customers to in-person retail or revenge retail giving rise to many opportunities, our supermarket concept continues to capitalize on a market that is getting a lot more comfortable with spending time shopping in-store again,” Villar said.
A growing number of homeowners furnishing their condominium units have boosted AllHome’s second quarter earnings, a reversal of its first quarter performance.
Having trended low in the first quarter this year, AllHome reported doubling its net income to P442.13 million in the first half from last year’s P222.11 million on the back of a 3 percent rise in revenue to P3.11 billion in the second quarter from last year’s P3.02 billion.
“Our second quarter 2023 performance is a reminder of AllHome’s capability to quickly adapt to shifting consumer spending, and we expect to sustain this energy as we move towards the second half of the year,” Villar said.
“As we head into the historically strong quarters of AllHome and a positive 2024 outlook that sees a rise in condominium turnovers—which means entry into the furnishing stage—we view the balance of 2023 with much confidence and optimism,” Villar said.
