MANILA, Philippines - Publicly listed Philippine Seven Corp. (PSC), the operator of 7-Eleven chain of convenience stores in the country, aims to open at least 80 additional stores this year as part of the company’s efforts to expand its network of 7-Eleven branches in Northern and Southern Luzon.
Lawrence de Leon, PSC comptroller, said the 80 new stores will bring 7-Eleven’s store count to 450 by the end of 2009. The company ended 2008 with 370 stores. “We intend to be aggressive in opening stores in major towns and cities outside Metro Manila” de Leon said. “We are optimistic about 7-Eleven’s prospects for 2009,” he added.
He said 7-Eleven will also open new outlets in Metro Manila, particularly in high transit areas, and office locations of call centers and business process outsourcing companies. Plans to open stores in Visayas and Mindanao, he said, is under consideration, but will likely happen in 2010 at the soonest.
Out of the 80 new stores for this year, de Leon said 40 will be company-owned, while the other half will be opened through franchising. “We hope to have a 50-50 mix in company-owned and franchised stores by the end of the year,” he said. As of 2008, 45% of the stores are company-owned, while the rest are franchised outlets.
De Leon added that the company has allotted P240 million for store expansion. Out of this total, he said P4-million each will be spent for the construction and acquisition of equipment of the 40 company-owned stores, while P2-million each will be spent for the 40 franchised outlets. De Leon said the budget for store construction will be substantially financed by internally-generated funds.
PSC operates the largest convenience store network in the country. Last year, it opened 70 new 7-Eleven stores, including the company’s first branches in Zambales and Bataan. The areas of La Union, Baguio, Olongapo, Nueva Ecija, Pampanga, Bulacan, Laguna, Quezon, Cavite and Metro Manila are still open for franchising.
The company offers interested investors four 7-Eleven franchising formats, namely: the new Store Franchise, Franchise Conversion, Service Agreement, and Property Conversion. For inquiries, call 7269968, 0920-9508651 or visit www.7-eleven.com.ph.