Philippines Economy to Elevate the Future of Retailing: Ken Research
Posted on 30 November 2016 by KenResearch Consumer Products and Retail,
- Major retailers acquired a large number of small and single propriety businesses.
- Philippines have become one of the bright spots within the Asia Pacific Region among foreign or global brands.
- Food and grocery retailers are the largest category group in 2015 and continue to dominate the country’s retail landscape.
- Online channel is anticipated to grow the fastest in the forecast period.
Ken research announced its publication on “The Future of Retailing in the Philippines to 2020; Comprehensive data overview of the market, with retail sales value and forecasts to 2020,” which offers insights on the changing trends and key issues inside the Philippines Retail market. The production incorporates a shrewd investigation of the most recent trends in retail consumer shopping, covering the components driving retail shopping, customer insights, market trends and reviews of the most recent best practice in retail site design. In addition, it has comprehensive knowledge on fastest growing product categories and also on the key international and domestic players operating in the Polish retail market-including store counts and revenue. Retail sales and fastest-growing product categories have covered 26 product categories across 9 product groups such as footwear, clothing, books, news and stationary, electrical and electronics, food, health and beauty, furniture, sports and leisure equipments. The report further covers the overall retail sales of products through four channel groups including 17 individual channels such as Hypermarkets, supermarkets and hard-discounters; gardening supplies retailers; Food and drinks specialists; Online; Convenience Stores. This report will guide to explore the Performance of individual product categories, across significant channels from 2010, with forecasts until 2020-pinpoint the fastest growing categories in a market witnessing robust growth.
Retailing in the Philippines is anticipated to significantly develop alongside the continued improvement in the economy over the forecast period. The increasing disposable income of Filipinos will encourage further purchases of products within grocery and non-grocery categories. The noteworthy development in the private segment, which incorporates numerous organizations working under retailing, kept on boosting the nation's economy. Likewise, settlements from abroad Filipino workers, maintained development of the business procedure outsourcing (BPO) industry, and the lower inflation rate brought about expanded purchasing power that urged customers to purchase more frequently than expected. Because of this, retailers, particularly major ones, chose to further grow their outlets so as to deliver the requirements of a more extensive audience.
During significant development in terms of revenues was evident in both grocery and non-grocery retailing, there grocery retailers continued to possess a greater impact on the country’s retailing landscape, majorly because it offers products which are generic and essential to most consumers. The continued growth of the channel further elevated retailers to develop their current product line in order to deliver the growing and evolving needs of Filipino consumers regarding food, beauty and personal care, and home care. The review period witnessed the acquisition of single-propriety businesses concentrating on groceries, electronics and appliances by key retailers such as SM Retail Inc, Robinsons Retail Group and Puregold Price Club Inc. This specific step was carried out in order to cut down, if not eliminate competition with smaller endeavours, especially in areas where their presence is not yet felt.
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Ankur Gupta, Head Marketing & Communications