Penshoppe expects sales to grow 10% in 2011

Penshoppe, one of the market leaders in the Philippines’ fashion, accessories and personal care product industry,

expects sales to grow at least 10 percent in 2011 on expansion and increasing consumer confidence.

Penshoppe is the banner brand of Golden ABC, which also owns other brands like Menu, Regatta, Forme, Oxygen and Red Logo.

Bernie Liu, Golden ABC chief executive, said Penshoppe would continue its expansion abroad next year, including Asean countries. It has four outlets in Saudi Arabia and three in China.

“For 2010, Penshoppe had roughly P1.5 billion in sales. We hope to surpass that next year,” Liu said.

Golden ABC has 500 stores nationwide from 400 in 2009. Liu said the company spent P200 million for expansion in 2010, or almost P2 million per store.

He said 70 percent of the company’s items sold in the market were obtained in the Philippines to give business opportunities to local suppliers. “We are happy to help the small and medium enterprises,” he said.

Liu and a few friends in Cebu City launched Penshoppe in 1986 after studying the clothing needs of young people. T-shirts comprised 80 percent of the students’ clothing choices back then. So Penshoppe sold shirts with graphic-oriented designs and offered the market unique choices that added value to them.

After gaining market dominance in Visayas and Mindanao, Penshoppe opened its first boutique in SM City North Edsa in 1991. Its network since has expanded to strategic shopping areas.

Penshoppe further crossed barriers in 2002 by launching the brand in Xiamen.

Liu said the growth in retailing industry could be carried through 2011 because of good economic fundamentals, especially rising consumer confidence and remittances from migrant Filipino workers that fuel more activities in the sector.
source: manilastandardtoday.com/