On Friday, December 13, 2013, Puregold Price Club Inc. opens its Cagayan de Oro store. Its distinctive green and yellow painted building is located where the burned Ororama Mega Center was along Claro M. Recto Avenue, Agora Road junction, Lapasan, Cagayan de Oro City. The site is to the east of and adjacent to Lim ket Kai, the largest shopping complex in the city.
Puregold Price Club Inc. is a fastest growing hyper market in the Philippines. Its first store was established in Mandaluyong, Metro Manila in 1998. Since then the business has expanded into over 200 locations in many parts of the Philippines. The Cagayan de Oro store is its fifth and is also the flagship store in Mindanao. Most of the other stores are concentrated in Metro Manila and other major cities of Luzon and the Visayas.
The company is founded and owned by Chinese-Filipino billionaire tycoon Lucio Co. He and his wife Susan Co were jointly listed by Forbes as the 10th richest persons in the Philippines as of July 2013. Their fortune is estimated at about 1.9 billion US dollars.
Puregold has added to the many Manila based chain of stores that already operate in the city such as SM, Robinson’s, Centrio, Unitop among others. In addition there are the Lim Ket Kai, Ororama and Gaisano which are also into the tightly contested retailing business industry in the city.