Specialty retailer SSI Group, Inc. is setting up a new online marketplace where a range of products from luxury fashion brands to food items will be offered.
The e-commerce site, which will go online in September, adds to its 10 existing virtual trading platforms.
“This e-commerce site will be unique in that it will carry a wide variety of brands from luxury, to casual and fast fashion, home, personal care products and food on one premium marketplace,” SSI President Anthony T. Huang said in a stock exchange disclosure on Friday.
The retail group said its e-commerce business, touted as the most diverse among domestic specialty retailers, showed “significant” growth in the first six months of the year with sales soaring by 375%.
SSI shed P467 million in the first semester as sales from shuttered stores declined by almost a half during the lockdown months.
Since reopening some physical stores on June 1, it saw “steady” weekly sales growth. For instance, American fast-casual Shake Shack and SaladStop! chains, which reopened ahead of the other company brands, have received high demand from both delivery and take out customers.
“I am optimistic with respect to the steady increases we have seen in brick and mortar sales and that we are ready to compete and operate under the ‘new normal’,” Mr. Huang said.
SSI is developing flexibility in operations mainly through the expansion of its e-commerce presence, along with safe shopping, executing strategic sale and promotional events, and adding customer channels.
Shares in SSI inched up 0.95% to close at P1.06 each on Friday. — Adam J. Ang
