S&R Membership Shopping was established in 2001 as S&R Pricemart under a partnership with PriceSmart of the United States.[1][2] The name "S&R" stands for American businessmen Sol and Robert Price, founders of Price Club and PriceSmart.[1] PriceSmart is the first major foreign retailer to enter the Philippine market since the passage of the Retail Trade Act 2000 which liberalized the retail sector.[3] The first Philippine branch of PriceSmart opened at Bonifacio Global City (then The Fort) in November 2001.[4][5]
PriceSmart sold its share in the joint venture in 2005 and was acquired by the Co family in 2006, and the retail chain was renamed as S&R Membership Shopping. The Co family's operations over S&R is taken care of by Kareila Management, Inc. which also operates the Puregold Price Club.[6][7]
S&R expanded outside Metro Manila, when it opened its fifth branch in Mandaue, Cebu in 2010. The chain's first four chains were in Metro Manila.[7]
In 2012, Puregold and Kareila underwent a merger. The former bought all the stakes of Kareila Management over S&R.[6][8]
Business model
S&R Membership Shopping adopts the US warehouse club model, exclusively for members. It targets the upper middle class[9] and offers a tire center at its locations. Additionally, S&R features a membership-free restaurant chain, known for its New York-style pizza.[10]