AllDay halves store network in 9 months as Villar retail empire pulls back

Insider Spotlight

• AllDay has halved its store network in just nine months, while AllHome has closed more than one in four locations.
• The retreat is happening behind frozen shares and stale financials, leaving investors without a current view of how the smaller businesses are performing.
• Rivals are filling some of the gaps, potentially cushioning Villar’s property business.

Investors are getting a clear look at how much the tycoon Manuel Villar Jr.'s retail business has changed while its stocks have been suspended: AllDay has lost half its stores in just nine months, while AllHome has also pulled back sharply.

The two retailers have closed 26 stores between them since the end of 2025, even as shareholders remain unable to trade their stocks and their latest quarterly financial reports are now more than a year old.

AllDay is down to 13 stores from 26, while AllHome has shrunk to 34 from 47, according to separate disclosures on Wednesday that were made after the Philippine Stock Exchange pressed the companies for details. 

InsiderPH previously reported that the Villar Group had been closing stores and bringing in rival retailers to fill vacated spaces as part of a broader restructuring across their retail group. 

AllHome puts expansion aside

AllHome said it is closing or resizing underperforming locations, using sales throughput, customer traffic and operating requirements to decide where to pull back while right-sizing manpower and cutting excess costs.

Its strategy now centers on:

• Rationalizing and resizing stores
• Reformatting locations to improve store-level economics
• Cutting costs and right-sizing manpower
• Tightening working-capital and liquidity management
• Prioritizing cash and aligning expenses with current operations

The change in direction is explicit: AllHome said it is focused on “maximizing the value of its existing footprint, rather than expansion” as it seeks to restore sustainable profitability.

AllDay thinks smaller

AllDay is making the deeper physical retreat, cutting its store network in half while also reconsidering the supermarket format that powered its expansion.

The company plans to “selectively adopt smaller mini-mart formats” while rationalizing and resizing stores, cutting costs and tightening its management of working capital and cash.

AllDay and AllHome’s retreat is opening space for rivals including SM Group, Robinsons Retail and Puregold. 

Their entry could soften the blow for Villar’s property business by keeping its malls occupied and generating rental income even as its own retail operations shrink.

Bigger freeze

Meanwhile, the visibility problem stretches well beyond retail, with AllDay, AllHome, Vista Land & Lifescapes, Golden MV Holdings, Vistamalls and VREIT suspended from trading after also falling behind on financial filings.

The six Villar companies were worth about P320 billion based on their last traded prices, freezing a large part of the group’s listed holdings while the companies work through their reporting deficiencies.

Among the investors caught in the suspension are the Social Security System and Government Service Insurance System, InsiderPH had reported. 

The store closures are part of a wider restructuring that has included asset sales and other moves to raise cash after years of aggressive expansion around the group’s property business.

Investors still waiting

AllDay and AllHome have not traded since June 2, while their latest quarterly financial reports still cover September 2025, leaving shareholders without current figures for sales, profits, debt and cash flow.

At the same time, Villar’s retail stocks were already deep underwater before the suspension, with AllDay down 94 percent and AllHome 98 percent from their initial public offering prices by the time trading stopped.

The closures now show how much the businesses behind those battered share prices have changed while trading remains frozen.

—Edited by Miguel R. Camus