All Value Holdings Corp. of the Villar Group said it will spend some P5.5 billion to P6 billion in putting up its All Home stores—a new retail format that serves the needs of contractors and homeowners—around the country.
Manuel Villar, chairman of All Value and publicly listed Vista Land & Lifescapes Inc., said over the week-end the company targets to open six stores this year and and another six in 2016, as it expands its portfolio.
“The performance of our initial stores is very encouraging; so we decided to go full blast on our expansion for this year and the next,” Villar told reporters during the opening of the seventh branch of All Home in Molino, Cavite.
The average cost of each store is between P400 million and
P500 million, including the inventory cost of about P200 million, depending on the size of
the store.
All Home will have an average floor size of 7,000 square meters to 10,000 sq m, the biggest of which is in Molino. The stores can be expanded to up to 12,000 sq m, he said.
Officials said the establishment of All Home will serve as the initial phase of the group’s main retail development, which could either be
developed by Vista Land or Starmalls Inc., also headed by Villar.
In the Molino branch, for instance, another branch of Starmall will rise. All Value, however, is still a private company owned by the Villar family. It will later be folded into Vista Land as it grows.
Villar said, for the year, the company will open a branch in Imus in Cavite; Santa Rosa in Laguna; and in Las Piñas. He declined to give the other locations as these are not yet final. “All Home is the logical extension of our real-estate business. We should have done this long ago,” Villar said.
Other initial branches of All Home include one each in Talisay, Cebu; Starmall San Jose Del Monte in Bulacan; Paseo de Andalusia in San Fernando, Pampanga; Starmall Alabang, Muntinlupa; a stand-alone store in Taguig; and Star Plaza Agro in Muntinlupa.
Villar earlier said the plan was to put up some 25 All Home branches across the country.
“We have all identified the sites for the 25 branches. It’s a perfect fit for Vista Land. It’s just a matter of timing of when we will launch these as it all depends on the demand and how each branch is performing.”
The store is a one-stop shop for home improvement, furnishings and buildings, and hopes to cater to contractors, architects, interior designers and homeowners.