Listed Philippine Seven Corporation (PSC), the local licensee of 7-Eleven Convenience Stores, will boost its capital spend this year by 50 per cent to expand its network.
The company says it ended 2014 with 1282 stores – 273 more than at the same time a year earlier. It opened 286 and closed 13 during the year.
Now it says it will spend P3 billion (US$68 million) in 2015 to fund an “accelerated store expansion strategy”.
Some 350 stores could be added by the end of the calendar year with PSC eager to take the brand further beyond metro Manila.
Jose Victor Paterno, president and CEO, said the long-term growth prospects for convenience store retailing in the nation are favorable.
He believes the organisation can sustain its momentum to meet earnings and store expansion goals.
“PSC has taken steps to protect and expand its leadership in light of increased competition, recognising that rewards for market share are especially strong in the convenience store sector.”
Philippine Seven Corporation operates the largest convenience store network in the country. It acquired the licence for 7-Eleven in the Philippines from Southland Corporation (now Seven Eleven Inc.) of Dallas, Texas in December 1982.