Metro Retail Highlights Steady Progress, Leadership Rransition in Stockholders’ Meet

​Metro Retail Stores Group, Inc. (MRSGI) recently held its Annual Stockholders Meeting, reporting solid 2024 performance marked by continued expansion, operational efficiency, and a smooth leadership transition as the company prepares for its next phase of growth.

In her first address as Chairperson of the Board, Ms. Sherisa “Baby” Nuesa highlighted Metro Retail’s resilience amid a dynamic market environment. The company reported P39.62 billion in net sales for FY2024, up 3.5% from the previous year, driven by the sustained momentum of its food retail business. Cash earnings as measured by EBITDA rose by 7.8% to P2.34 billion, reflecting disciplined cost management, even as net income held steady at P609.4 million due to non-cash charges tied to MRSGI’s ongoing expansion.

Nuesa underscored the company's strides beyond the numbers. These included the new Metro Distribution Center in Sta. Rosa, Laguna, the opening of eight new stores, and the launch of its Metro Home Improvement and Lifestyle Stores. In recognition of its governance efforts, MRSGI was honored with its first Golden Arrow Award by the Institute of Corporate Directors and was included in the inaugural Fortune Southeast Asia 500, a testament to its standing as one of the region’s top firms.

The occasion also marked a significant leadership transition. After serving as President and Chief Operating Officer for seven years, Manuel C. Alberto retired from executive duties. In his valedictory remarks, he looked back on Metro Retail’s journey of growth and transformation, from pandemic navigation to supply chain modernization and loyalty program expansion. He affirmed his ongoing involvement as Senior Board Advisor.

Unanimously appointed by the Board as President and COO is Joselito “Joel” Orense, who has served as MRSGI’s Chief Finance Officer and Treasurer since 2015. With a decade of leadership within the organization, Orense has played a pivotal role in driving improvements across finance, operations, and strategy, supporting MRSGI’s growth and adaptability in a changing retail environment. Joining him in the executive team is Lucille Malazarte, MRSGI’s newly appointed Chief Finance Officer and Treasurer. With over 30 years of service in the company, Malazarte brings institutional continuity and strong financial stewardship to her new role.

Chairperson Nuesa expressed the Board’s full confidence in the incoming leadership team.

“Our strategy is anchored on three pillars: customer-centricity, business reinvention and expansion, and organizational transformation,” said Nuesa.

The company reaffirmed its commitment to delivering long-term value for shareholders, investing in modern retail formats, enhancing operational agility, and maintaining governance excellence as it enters its next chapter.