Philippine Seven Corp., the master franchise holder of convenience store 7-Eleven in the Philippines, looks to spend P2 billion to put up 300 stores in the country this year.
It closed the first half of the year with 3,241 stores.
Jose Victor Paterno, Philippine Seven president, said half of the stores to be opened will be company-owned while the other half will be franchised.
Paterno said 7-Eleven will continue to expand in residential areas, specially outside Metro Manila, to capitalize on demand from customers.
Citing a recent market study on retail trade, Paterno noted that sari-sari stores gained a market share vis-a-vis supermarket and groceries in the past year as customers prefer to purchase goods closer to their homes.
“In 2020, we saw how work-from-home arrangements impacted our stores in various central business districts. We pivoted in mid-2020 and 2021, and pursued new store openings in residential areas to cater to the needs of hybrid workers who now spend more time at home than at offices and CBDs (central business districts,” Paterno said.
