Posted on November 30, 2015 09:51:00 PM [ BusinessWorld Online ]
By Krista A. M. Montealegre, Senior Reporter
THE VILLAR group is ramping up the expansion of its chain of full-service home furnishing stores AllHome next year that may include its first branch outside Luzon.
Manuel B. Villar, Jr., chairman of All Value Holdings Corp., speaks at the opening of AllHome Vista Place in Quezon City on Nov. 27.
All Value Holdings Corp., the holding firm for the group’s retail ventures, will open eight AllHome stores starting March next year to end 2016 with 20 stores, the company’s Chairman Manuel B. Villar, Jr. told reporters last Friday.
The planned new store launches for next year have surpassed the project annual rollout of 6-7 stores over the next five years that the former Senate president set in April.
“By end of next year, we’ll have 20 stores. So it’s 12 plus 8. I’m just saying that as early March, we’ll be starting the additional eight stores,” Mr. Villar said.
Since launching its first store in 2013, AllHome quickly expanded in the metropolis. The newest branch, the four-level AllHome Vista Place at the Wil Tower Mall in Quezon City, opened last Friday evening.
Next year, AllHome may open its first location outside Luzon, as it sets sights on key urban areas such as Iloilo and Cagayan de Oro, Mr. Villar said.
The Villar group is being guided by its partner HomePro, Thailand’s largest operator of home improvement stores, for its AllHome venture
“They have 60 or 70 (stores). They are the number one player, way of ahead of the number two,” Mr. Villar said, adding that the Thai firm has roughly $3 billion in market capitalization.
He said in April its one-stop shop for home construction, renovation and decoration needs may go public once it reaches a network of 30-40 stores, which may likely be achieved in the next three years.
The expansion of AllHome is seen riding on the robust growth of the residential sector where Mr. Villar also has an interest through Vista Land & Lifescapes, Inc., a leading homebuilder in the country.
The billionaire is consolidating his residential and commercial leasing businesses under Vista Land in a deal valued at P33 billion, accelerating its transformation into one of the Philippines’ biggest integrated property developers.