Phillipines Seven Corp hopes to expand 7-Eleven franchise in the Philippines
Philippine Seven Corp. (PSC) - the franchise holder of 7-Eleven in the Philippines - said it will continue to expand in the country, following its strong second-quarter results.
In a press conference in Pasig City, the Philippines, the company’s president and CEO Jose Victor Paterno said that he hopes to end 2019 with 3,000 7-Eleven branches in the country.
“The focus shall be further expanding our footprint even if there is reduced competitive activity, as we believe the market will continue to grow, and we are in best position to take advantage of this opportunity,” Jose T. Pardo, the company’s chairman and independent director told the Business Mirror.
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The Philippine firm said that net income climbed 18.9% to P342.7mn during the second quarter of the year, driven by higher sales and more operating stores.
Paterno also highlighted that it has invested a total of P50mn in digital in the first half of 2018, according to ABS-CBN
He said: “We’ve been investing quite heavily in digital. You’ve seen our wallet and e-commerce store. It is likely we will continue to be in investment mode for the next couple of years.”
Today, 7-Eleven is one of the largest chains of convenience stores, with over 36,000 stores in 15 countries and regions across the world.
According to a report by IGD convenience stores will be the fastest-growing bricks-and-mortar channel in Asia over the next five years, as consumers change their shopping habits and opt for smaller portions, packaged food and ready-to-eat products.