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In a separate regulatory filing on Monday, Metro group CEO Yip Hoong Mun cited the “challenging operating environment” and today’s “fundamentally different” consumer expectations as reasons for the retail strategy overhaul.<\/p>\n
“Our refreshed retail strategy is designed to meet customers\u2019 evolving expectations while having greater flexibility to introduce new concepts, brands and partnerships,” he said.<\/p>\n
Metro chairman Tan Soo Khoon also noted that the retail landscape was transforming and it was important for the company to “evolve alongside it”.<\/p>\n
“Following a comprehensive review, the board believes this strategic repositioning will better position Metro for long-term sustainable growth by creating a more agile retail platform that can adapt to changing consumer expectations and capture new opportunities.”<\/p>\n
The company is assessing the financial implications of the transition and said it is not yet able to quantify the full impact on earnings.<\/p>\n
However, the board said it does not expect the move to have a material effect on the group’s consolidated net tangible assets or earnings per share for the financial year ending Mar 31, 2027. Shares of Metro had closed at S$0.46 on Monday.<\/span><\/p>\n It will also continue pursuing opportunities through Grand Brands Asia, its brand management joint venture that focuses on international retail brands and immersive concept stores.<\/p>\n Metro said it will provide further updates when there are material developments relating to the implementation of its new retail strategy.<\/p>\n