PHILIPPINE SEVEN CORP. (PSC), the exclusive licensee of the 7-Eleven convenience store brand in the country, aims to open around 250 new stores by year-end, a company official said.
“We’re looking at opening at least 500 stores by the end of this year. As of today, we have opened around 218 stores. Around 250 more stores are due to open the next following months,” PSC Operations Division Director Francis S. Medina said during an investor relations event hosted by the Philippine Stock Exchange on Tuesday.
Mr. Medina said close to 70% of the store openings will be in the Visayas and Mindanao.
“This is mainly due to the growth that we’ve seen in the past two or three years, surpassing Luzon, even in National Capital Region (NCR) stores,” he said.
Mr. Medina added that 50% of the planned store openings will be operated by franchisees.
“This is more evident in the areas of Visayas and Mindanao, where in most new stores, more than half are franchise-operated, while the Luzon stores, and particularly NCR, remain to be company-owned stores. Every year, it’s a 50% working number for us,” he said.
PSC Finance Head Lawrence M. De Leon said at the same briefing that the company operated 4,268 stores as of end-June and is on track to hit the 5,000-store mark before end-2025. He added that PSC has set aside P5.5 billion in capital expenditure this year to fund its expansion.
“Our pipeline remains to be very strong, with over 200 stores in various stages of construction,” he said.
Meanwhile, Mr. Medina said PSC has competitive advantages that could sustain its growth amid the threat posed by hard-discount retailers. He said 7-Eleven stores operate 24 hours and offer fastfood products and dining spaces.
“It’s a challenging environment now, but I think we have learned how to leverage 7-Eleven. Plus, they are still not yet in Visayas and Mindanao. Our objective is to acquire most of the best sites as soon as possible to prevent or make it difficult for any competition,” he said.
PSC shares fell by 2.49% or P1.30 to P51 apiece on Tuesday. — Revin Mikhael D. Ochave
