By Inquirer.Net
Philippine Seven Corp. (PSC), the exclusive licensor of 7 Eleven convenience stores in the Philippines, expects to exceed the 5,000 store count next year. It is banking on its expansion in the Visayas and Mindanao to drive growth.
PSC chair Victor Paterno told reporters on Thursday they would spend P5.5 billion mostly to open 500 stores across the country this year alone. As of the first quarter, 7 Eleven had 4,200 local stores.
This is down from their original plan of spending P6 billion after they had assessed the level of need in target areas. They dropped initial plans to remodel some of the stores.
“Our operations and business development team wanted to prioritize more on opening new stores so they do not want to lose focus on expanding our footprint,” Paterno said.
Of their target of building 500 new stores, Paterno said that “more than half” would be located in the Visayas and Mindanao. This is mostly because of lack of competition.
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