7-Eleven targets to open 300 new stores in Philippines this year

7-Eleven targets to open 300 new stores in PH this year
By Leslie Gatpolintan

MANILA (Philippines News Agency) — The local licensee of 7-Eleven convenience stores is bullish about sustaining a double-digit growth this year as it eyes 300 new stores in the country amid robust economic growth in 2019.

“For the stores, these will hit close to 3,000 by the end of the year. Right now, we are almost 2,700,” Philippine Seven Corporation (PSC) President and Chief Executive Officer Jose Victor Paterno told reporters on the sidelines of the company’s stockholders’ meeting on Thursday.

He said the company remains committed in strengthening its store network while ensuring that sites with the highest potential are acquired.

PSC head of finance Lawrence de Leon said a third of these target 300 stores will be located in Metro Manila, 100 in the rest of Luzon, while the remaining 100 will be in Visayas and Mindanao.

“Our objective is to always match if not surpass the previous year’s performance,” he said in an interview.

PSC recorded a 16.2-percent growth in net income in 2018 driven by an 8.8-percent growth in same-store sales, the highest level in five years.

De Leon said sales this year are expected to be boosted by the company’s private brands comprising its coffee program and fried chicken line.

He added that about 80 percent of this year’s PHP3.5-billion planned capital expenditure program will be earmarked for new store openings, while the remaining amount will support new product launches. (PNA)

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