Philippine Seven Corp. intends to spend as much as P4 billion this year to expand its 7-Eleven store network by 400.
Philippine Seven closed 2023 with 3,393 stores.
Lawrence de Leon, Philippine Seven head of finance, said 150 stores have been opened this year, with most located outside Metro Manila.
The company is working to have half of its store network franchised.
Jose Victor Paterno, Philippine Seven chief executive officer, said business had been resilient amid the recent challenging years.
“Based on our latest filing, which is the first quarter of this year, sales remain resilient when it comes to average sales per store per day. Profitability for the first three months of 2023 already exceeded 2019 pre-pandemic level,” said De Leon.
Paterno said the company expects 2023 to be another record year and an inflection point wherein it expects to reap the benefits of its investments over the years.
In particular, Paterno said the company had been integrating artificial intelligence in its process since 2018.
“We find ourselves in a situation where geographic shifts in demand have fortuitously opened up opportunities to expand in areas beyond the current reach of competition. Our market development plan will be implemented as we recognize the growing customer preference towards innovation, proximity, and convenience,” Paterno said.
