PHILIPPINE Seven Corp. (PSC), the exclusive licensee for convenience store 7-Eleven in the Philippines, is looking to spend around P6 billion to fund its expansion next year by 500 more stores.
Lawrence De Leon, PSC head of finance and accounting services, said the this year alone, the company will open 450 stores.
The company expects to close the year with 4,100 stores.
“We are very encouraged with the sales performance of the new stores. We are aiming to open 450 stores this year. We’re already more than half of that as we already opened 270 stores at the end of the first three quarters. We expect to end the year with 4,100 stores all over the Philippines,” de Leon said.
“We have a lot of stores in the pipeline, so we are confident we can achieve that 450 new stores target. This year, most of the stores are located in the residential clusters since the pandemic changed consumer behavior,” he added.
Jose Victor Paterno, PSC president, said the company is focused on expanding outside Metro Manila.
“(Visayas and Mindanao) are a quarter of our total stores. We’re scrambling to build fast enough, looking for contracts, sending people out, and hiring more people,” he added.
