Philippine-based Robinsons Retail Holdings Inc through its wholly-owned subsidiary Robinsons Inc, has partnered on Tuesday with Saver’s Appliance Depot, a local consumer electronics and home appliance store chain owned and operated by Savers Electronics World Inc.
Robinsons Retail disclosed that it will soon own 90 per cent of Savers Electronics World.
The size and date for completion of the deal are yet to be announced.
Saver’s Appliance operates a total of 24 stores with total gross in Central Luzon and eight stores in Cagayan Valley.
Established in 1986, Saver’s Appliance was recognized and awarded as the 2014 Best Regional Retail Player by the Philippine Retailers Association.
Robinsons Retail’s president and COO Robina Gokongwei-Pe said the company expects the partnership to strengthen and expand its coverage in the local consumer electronics and appliance business, particularly in Central Luzon region and Cagayan Valley.
“As the economy expands, discretionary spending is seen to surge ahead and this format should be a strong beneficiary,” Gokongwei-Pe said. “Also, the increasing scale of the group is expected to strengthen our market position in the industry.”
It was agreed upon that the appliance company will continue to be managed by its managing director Jaime Uy even after the company acquisition.
“We are happy to become part of the Robinsons Retail Family. The group has proven track record in growing and retaining the equity value of the companies of businesses that they acquired,” Uy said.
Robinsons Retail Holdings is the second-largest multi-format retailer in the Philippines that began over 30 years ago. It operates in six business segments: supermarkets, department stores, convenience stores, specialty stores, international fashion brands, and cosmetics brands.
The holding firm’s last trading price decreased 3.24 per cent or P2.25 to close at P67.25.