You may now call it the store formerly known as Ministop until bilyonaryo Robina Gokongwei has come up with a new name and look for the 24-hour convenience shop with the pullout of the Japanese chain from the Philippines.
A Babbler said Robinsons Retail Holdings Inc. would “rebrand” the 479-store chain which has been losing heavily even before the pandemic.
Ministop Philippines racked up P731 million in losses (before income tax) over the last three years – P77 million in 2019, P393 million in 2020, ad P261 million as of the first nine months of 2021.
The babbler said it was unclear if the rebranding could also involve a rationalization of the convenience store division (branches and staff) which was among the worst hit by the pandemic in RRHI’s portfolio (the department and specialty store divisions were also in the red during the pandemic).
RRHI’s annual royalties to Ministop Japan (based on a certain percentage of gross profit) have been shrinking over the last four years – P82 million in 2018, P88 million in 2019, P55 million in 2020 and P34 million as of the first nine months of 2021.
Ministop Japan announced last Saturday that it was pulling out of South Korea and the Philippines to focus on its home market.