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Philippine Seven Plans 50 New Stores This Year
Jul 15, 2009 Companies
Business Mirror Online Space
Max V. De Leon |
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LISTED Philippine Seven Corp. (PSC) is targeting to open 50 more 7-Eleven outlets for the remainder of 2009 to end the year with 450 branches, all located within the Luzon area.
Victor P. Paterno, president and chief executive officer of PSC, said the company will be investing at least P200 million for the 50 new stores in the national capital region, primarily in areas where business process outsourcing companies are situated.
He said half of these new stores are company owned and the rest are partly owned by franchisees.
“We have signed lease agreements for 84 new sites but we are only opening 50. We are hoping to have 500 stores by next year,” Paterno told reporters at the celebration of the opening of 7-Eleven’s 400th outlet at the Telus building in Araneta Center, Cubao on Wednesday.
Despite the economic crisis, Paterno said the company is still hitting its targets for the year.
He, however, pointed out that they will probably fall a little short of the 50-percent sales growth target PSC has achieved in the last five years.
PSC is 57-percent owned by the Taiwan-based President Chain Store Corp.
Investment per store, Paterno said, averages P5 million. For franchised stores, he said, franchisees shell out between P1 million and P3 million, while the rest is shouldered by PSC, including in-store equipment.
He said although they want to establish stores outside Luzon, they still need to conduct several because of the numerous challenges, particularly on logistics.
At present, the farthest 7-Eleven store from the metropolis is in Lucena. | |
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