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Cebu's twin-win industries ? information technology and tourism ? coupled with remittances from Overseas Filipino Workers (OFWs) are the reasons local retail players remain optimistic of growth in the industry.
These factors encourage retailers to look at the fourth quarter of 2009 as the time for economic rebound, said Bernie Liu, national president of Philippine Retailers Association.
?The rest of the year will still be challenging. But I don't think it will be that bad because of the buffers (IT, tourism and OFW remittances) we have,? he said on the sidelines of the third regional conference organized by PRA Cebu Chapter at the Parklane International Hotel yesterday.
Liu, chief executive officer of Golden ABC Inc., said most retailers are also looking forward to 2010 elections.
He said an election year normally boost spending and will most likely help retailers recover.
Because of the holiday season, he said, the last six months of the year will be crucial in contributing to the vibrancy and positive growth performance of the retail sector.
Liu, however said double-digit growth is difficult to attain in the next two years as retail will still experience the full impact of the crisis.
?But people are optimistic. The environment in Cebu is not depressing as it is in Manila,? said Liu, whose company owns Penshoppe, Forme, Memo, Oxygen and direct selling firm, Red Logo.
Officials of two Cebu-based shopping malls said food, apparels and gadgets will continue to top the list of growing retail products this year as most consumers consider them essential even during hard times.
Clavel Tongco, senior division head of Ayala Malls Group, said positive growth is possible this year although there is a shift of market preference from high-end, luxurious brands to affordable items.
Marissa Fernan, vice president of SM Prime Holdings Inc., said focus on stable markets such as OFWs, business process outsourcing and tourism will contribute to the growth of the mall and its tenants.
Both Fernan and Tongco said mall management allocates budget for advertising and promotions despite the economic crisis to ensure its visibility in the market and bring in value through revenues.
The Department of Trade and Industry (DTI) said the retail industry accounts for 15 percent of the country's gross national product and 33 percent of the services.
Asteria Caberte, DTI Central Visayas director, said the sector employs 2.5 million people, which represents 18 percent of the country's workforce.
