Puregold Acquires Puremart Stores

​Puregold Price Club, Inc. acquires Puremart stores, including its leasehold improvements, furniture and fixtures, equipment, and merchandise inventory from Tower 6789 Corporation with up to P567.5 million book value, which consists of one hundred fifty-three (153) stores located across Metro Manila, CAMANAVA, Rizal, Bulacan, and South Luzon.

Puregold Price Club, Inc. paid cash to Tower 6789 Corporation for the acquisition of assets. The consideration for the acquisition is substantially below ten percent (10%) of the Company’s book value, and it will be based on the carrying value of the assets as of 30 September 2024.

The acquired stores will be an addition to the existing pipeline of Puregold Price Club, Inc. and will further expand the reach of Puregold to a broader market.
 
Puremart is a minimarket concept retail chain that aims to provide daily grocery items in the most strategic and closest proximity to residential areas. Some of the items they carry are personal care products, fresh and frozen items, ready-to-eat meals, laundry, infant milk, breakfast items, juices and drinks, and many, many more. Puremart also provides prepaid load, ATMs in selected locations and will provide bills payment in the near future for added convenience of the customers.

The company aims to tap and serve different types of customers and in locations that local residents are underserved. It’s the company’s mission is to be the most-trusted one-stop retail chain that provides the best quality of products and services in the comfort of the customer’s neighborhood while at the same time, promoting and contributing to the growth and prosperity of every Filipino community and municipality their stores belong to. In addition to that, Puremart also aims to be an organization that promotes personal and professional development of their employees, providing additional employment opportunities along with their expansion.
 
Tower 6789 Corporation is a domestic corporation wholly-owned by League One, Inc. which is 100% owned by the Co family. Puremart, a community grocery startup concept that launched in 2018, operates out of Tower 6789 Corporation.

Puregold Price Club, Inc. (PGOLD) was incorporated on September 8, 1998 as a company involved in the business of trading goods such as consumer products on a wholesale and retail basis. The Company opened its first store in Mandaluyong City in December 1998. PGOLD’s loyalty program, 'Tindahan ni Aling Puring'; was launched in 2004.

The Company conducts its operations through several retail formats and store brands. Hypermarkets, through 'Puregold Price Club'; offer a variety of food and non-food products and generally cater to both retail customers and resellers such as members of the Company's loyalty program. Supermarkets, through 'Puregold Junior'; operate as a neighborhood store which offers a higher proportion of food to non-food products vis-a-vis the Company's hypermarkets. Discounters, through 'Puregold Extra'; operate in a small store format that offers a more limited number of goods. Meanwhile, S&R Membership Shopping adopts a warehouse club concept where most of the products offered are in club packs. Majority of the merchandise are imported brand names mostly sourced from the US.

PGOLD consolidated net income for the first nine months of 2024 grew by 4.5% year on year to P6.9 billion from P6.6 billion. Puregold’s topline growth was complemented by the slight improvement in gross margins for the S&R business.

​As of end September 2024, PGOLD opened 19 new Puregold stores, 3 S&R Membership Shopping Warehouse and 3 S&R New York Style QSR. The group had a total of 591 stores nationwide. These include 505 Puregold stores, 29 S&R Membership Shopping Warehouses, and 57 S&R New York Style QSRs.