4 RETAIL NEWS CAPSULE PHILIPPINE RETAILING
Retail sector nears pre-pandemic vacancy rate
The Philippine commercial real estate sectors , particularly retail , is making a strong comeback , thanks to pent-up consumer demand , looser travel restrictions and return-to-office mandates , according to real estate services firm Santos Knight Frank .
Jan D . Custodio , Santos Knight Frank Research & Consultancy senior director , projected that the vacancy rate in the retail sector can reach pre-pandemic levels by the end of 2022 .
“ For the retail , we ’ re seeing that it is slowly picking up to near pre-pandemic levels . Probably towards the end of the year ( it can reach pre-pandemic levels ), barring new variants coming in and stymying the people ’ s drive to go out ,” Mr . Custodio said during a virtual briefing .
As mobility restrictions eased , more Filipinos are now flocking to malls and eating in restaurants more regularly .
However , Mr . Custodio said improving public transportation is key to the retail sector ’ s sustained recovery .
“ As of Q2 2022 , in comparison to Q4 2019 , the vacancy rate is now at 4.6 %, with the pre-pandemic levels at 3.6 %. More and more stores are opening with the continuous lowering of restrictions and we ’ re seeing a lot of strong activity in this sector ,” he said .
Santos Knight Frank data showed food and beverage outlets and clothing stores account for two in every three upcoming stores in malls in Metro Manila .
Kash B . Salvador , Santos Knight Frank Investment & Capital Markets director , said the second-quarter vacancy rate in the retail sector is now approaching the pre-pandemic level .
The popular drugstore chain brings customer-centricity to the next level .
Robinsons Retail Holdings , Inc . ( RRHI ), the retail affiliate of the Gokongwei Group , opened its first drive-thru drugstore under the Southstar Drug banner .
Average retail lease rates in the second quarter have recovered , and are now just 4.4 % lower than the rates in the fourth quarter of 2019 .
( BusinessWorld , 07 / 20 / 2022 )
Robinsons Retail Opens Pilot Southstar Drug Drive-Thru Branch in Muntinlupa
Southstar Drug , which now has 591 branches nationwide , is celebrating its 85th anniversary this year . Being one of the country ’ s pioneers in health retailing , the drugstore chain ’ s accelerated store network expansion comes with the commitment towards continuous innovation to deliver and adapt to the needs and preferences of today ’ s customers .
The drive-thru branch in Barangay Tunasan , Muntinlupa City , had its grand opening on June 17 , with trade partners , local government officials , and RRHI executives in attendance .
Senator JV Ejercito , the principal sponsor of the Universal Healthcare Law passed by the Philippine Senate in 2018 , presided over the ribbon-cutting ceremony as the event ’ s guest of honor . In his congratulatory message , the senator thanked Southstar Drug for its continuous innovation and for supporting the call of the government to make healthcare more accessible and affordable to Filipinos .
Robinsons Retail ’ s drugstore segment currently has 937 stores and over 2,000 TGP franchised stores nationwide . Through its drugstore banners Southstar Drug , Rose Pharmacy , and TGP , Robinsons Retail is a partner of the Department of Health ’ s Resbakuna sa Botika program for COVID-19 vaccination .
( Robinsons Retail Holding Inc ., 07 / 05 / 2022 )
Christine Tueres , Group General Manager of RRHI ’ s drugstore segment , said that Southstar Drug prides itself in coming up with innovative ways to reach its customers . Sharing the same sentiment , Deputy General Manager Thad Sanchez added that the opening of the drive-thru branch is in line with the company ’ s thrust for greater customer-centricity .