7-Eleven operator PSC (Philippine Seven Corp) is planning to open 450 new stores in Visayas and Mindanao as part of an aggressive expansion in the country.
Jose Victor Paterno, founder and CEO of PSC, told Bworldonline that the move is part of the company’s goal to meet the growing demand in these regions.
“It has been our intention to target greater expansion in Visayas and Mindanao because there is high demand and there is still competition,” said Paterno.
Lawrence de Leon, head of finance and investor relations for PSC, said that 270 stores of the 450-store target would be franchised, while the remaining 180 stores would be owned by the company.
“We’re also allotting a budget out of the US$77 million (PHP$4.5 billion) to remodel older stores as we renew the contracts for existing stores,” said De Leon.
Since its establishment in the Philippines in 1984, the convenience store network has expanded to 3829 branches nationwide.
7-Eleven expects to reach its 4000th store milestone by the end of Q4 this year.
“People are shopping closer to home and shopping from home,” added Palermo. “We need to respond to that.”
Source: Inside Retail
