Competition in the Philippines’ convenience store market will soon heat up with another new entrant on the way.

Property and mall developer Ayala Land, through SIAL CVS Retailers, has signed a deal with FamilyMart and its main shareholder Itochu for the roll-out of FamilyMart convenience stores in the Philippines.

SIAL CVS Retailers is a joint venture between Ayala Land and specialty retail company Rustan’s Group’s Stores Specialists.

SIAL will own 60 per cent, 37 per cent will be held by FamilyMart and the remaining three per cent by Itochu.

The first year of operation will see SIAL running 30 FamilyMart stores across Metro Manila.

“The partnership, which combines Ayala Land’s expertise in developing mixed-use developments and its retail partners’ proven track record in the business, will enable Ayala to provide a retail format that will support its mixed-use communities and, at the same time, grow its recurring income portfolio,” said Ayala Land.

FamilyMart is the world’s second largest convenience store chain with more than 20,000 stores in Japan, Thailand, South Korea, China, Vietnam, Indonesia and the US.

The entry of FamilyMart will challenge 7-Eleven, which has 781 stores in the Philippines and Mini-Stop with more than 300 stores in the country.

GB