Walmart Asia President and Chief Executive Officer Scott Price announced Wednesday that the giant superstore is finally coming to the Philippines after local business group partnered and agreed to give Walmart a 40% share – the maximum allowed stake by the Philippine law for foreign owners.
Walmart is the world’s largest company by revenue, according to the Fortune Global 500 list in 2014, as well as the biggest private employer in the world with 2.2 million employees.
Currently, only Japan, China, and India have Walmart stores in Asia, and the Philippines will be the fourth to have one.
In a press release circulated to media on Wednesday, Price said that the company has decided to enter the Philippine market after more than six years of market research.
Price also revealed that the company will try to compete with local supermalls by offering discounted products and more choices.
“Considering the Philippines’ massive population, Walmart decided to take its market share. Our main focus will be on electronic gadgets like mobile phones, notebooks, and game consoles”, Price said.
It was also reported that Walmart have partnered with Capital Group Companies – Philippines, owner of PURE GOLD Stores.
Price added that the first Philippine Walmart will rise inside Bonifacio Global City in a 35-hectare (86 acres) commercial complex.
Construction will start on June 2016 and the store is expected to operate one year after (July 2017) according to the press release.
Price is scheduled to visit the Philippines on March 29, 2016 for the ground breaking ceremony.