Philippine Seven Corp, operator of the 7-Eleven convenience store chain in the Southeast Asian country, plans to invest 5 billion pesos (US$85.32 million) to add more than 400 stores this year, the company’s Taiwanese investor said.
The exclusive licensee to run 7-Eleven stores in the Philippines targeted an increase of 450 stores in its ongoing expansion after growing the number of stores to 4,130 last year, said President Chain Store Corp (統一超商), which holds a 55.32 percent stake in Philippine Seven.
The 7-Eleven chain would be the first to establish a presence in the three major market regions — Luzon, Mindanao and Visayas — in the Southeast Asian nation, the Taiwanese company said.
Photo: AFP
Philippine Seven would focus on shoring up its market share in Mindanao and Visayas, and on opening stores in areas in Luzon, where the chain has no branches, President Chain Store said.
The Taiwanese company acquired a controlling stake in the Philippine company in 2000.
Despite annual losses in 2020 and 2021 due to the COVID-19 pandemic, the Philippine company returned to profit in 2022, and has added more than 350 stores a year since 2023, President Chain Store said.
In October last year, Philippine Seven opened its 4,000th store in Pasay, as the company marked 7-Eleven’s 40th anniversary in the country.
Uni-President Enterprises Corp (統一企業) chairman Alex Lo (羅智先) told a shareholders’ meeting last year that there is plenty of space for the chain to grow in the Philippines, given its population of more than 100 million.
“The sector is not too crowded, and we are the only one who runs the business efficiently,” Lo said.
The chain in the Philippines is still a retailer focusing on selling goods, compared with 7-Elevens in Taiwan, which offer a range of services, he said.
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