XTREME Appliances is targeting to open 80 company-owned stores in 2023 as part of its goal to achieve a volume of five billion appliance units for sale, its president said over the weekend.
The local appliances company, which offers a one-stop shop for affordable home and light commercial appliances, operates under Suntouch Technology Corp.
“Our target to see this year is to end up with 80 company-owned stores,” Xtreme Appliances President Adrian G. Lim said on the sidelines of a store opening.
On Saturday, the company opened its first store in the metro at SM City Sta. Mesa which counts as Xtreme Appliances’ fourth company-owned store.
The store followed the openings in SM Daet, SM San Fernando, and SM Lemery.
Mr. Lim said that the company plans to open in more SM malls as well as in Robinsons and Ayala malls.
“We’re already in talks with them. Our target is to open in all branches of SM, Robinsons and Ayala,” Mr. Lim said.
For Ayala Malls, the company plans to open in Abreeza Mall in Davao City and MarQuee Mall in Pampanga, while for Robinsons Malls, Xtreme Appliances will soon open in Iloilo.
“In Robinsons, we started in General Trias. Next, [we] will be in Iloilo, and then sunod-sunod na ‘yan (we will go from there),” Mr. Lim said.
According to Mr. Lim, the company will have around 24 company-owned stores by the end of the first quarter.
Meanwhile, Mr. Lim said that the company is just waiting to reach its volume target of 5 billion before it enters the capital market.
“We are trying to meet our target volume, to make the business sustainable and we will go for an initial public offering (IPO),” Mr. Lim said. “As of now, we are only at 3 billion.”
The company is aiming to meet its target by opening company-owned stores in the next three to five years.
“The challenge in appliance stores is that they expand slower. So normally, if you look at them, they don’t expand until there will be new malls,” Mr. Lim said.
“That’s the reason why we thought about opening our own stores so that we will have full control of our growth,” he added.
“If not, if we wait for them to open and they don’t open, whatever is their initial availability and distribution, ganon lang siya palagi (it will stay the same),” Mr. Lim said. — Justine Irish D. Tabile
