Philippine Seven Corp. (PSC), the local licensee of leading global convenience store chain, 7-Eleven, is set to grow the number of 7-Eleven stores in the country to 1,400 by the end of 2014, as the company meets this year’s growth target for its branches.
Victor Paterno, PSC president and chief executive officer, told reporters during the company’s annual stockholders meeting on Thursday that the company intends to grow the number of its stores significantly in a few years, with Mindanao included in the plans.
“We hope to have more than 1,300 at the end of next year. We are on track [to hitting 1,000 stores for 2012],” Paterno said. This means that next year alone, the company will be establish 300 stores as it plans to end this year with a total of 1,000 stores.
For this year, the company has allocated a record capital expenditure of P1.5 billion, which will be used to finance its plan to roll out new stores and renovate existing ones.
The company recently entered Visayas with a plan to end this year with 60 stores in the region. No timetable was given on plans to enter Mindanao.
“It’s hard to enter two island groups at once, Visayas alone has already been a big challenge,” Paterno said.
“We have 30 in Cebu and four in Bacolod. By the end of the year, we will have 60 in Visayas,” he added.