Max’s Group Inc. (MGI) on Thursday said it is tapping the institutional market to enlarge its presence in the country, while continuously adding stores both domestically and overseas.
In addition to its restaurant expansion here and abroad, the group also wants to penetrate other markets such as resorts, hotels and other establishments, President and Chief Executive Officer Robert Trota said on the sidelines of the casual dining restaurant’s stockholders’ meeting.
“We have been catering to the pastry needs of PAL [Philippine Airlines] through our Le Coeur de France, since although it has no more tangible stores, it is still operational in the sense that it supplies pastries to PAL,” Trota said.
“Right now, we are eyeing to expand that strategy by offering our stores whether it be our Max’s Restaurant, our bakery, Pancake House, or any of our brands,” he added.
Trota said some of MGI’s restaurants are now serving the food and pastry requirements of Canyon Cove Resort and Camaya Coast.
“We are expanding our presence in institutional market, we are happy to offer our products to them, we are doing it now,” Trota said.
MGI is positive that the prevailing macroeconomic backdrop will remain favorable, spurred by continuous consumer spending.
“We are primed to open another 60 to 70 stores in key strategic locations. Essentially, we have laid the groundwork to anchor our growth moving forward,” Trota said.
Meanwhile, Dave Fuentebella, director and chief finance officer of the firm, said that for the second quarter of the year, net income would be similar to its first three-month performance where it realized P162.3 million or 8 percent higher than the P150.8 million a year earlier.
“Our second quarter will be similar to our first quarter net income. We do not see any significant difference. We remain optimistic,” Fuentebella said.
In January to March, Max’s Group opened nine stores across its star brands Max’s Restaurant, Pancake House, Yellow Cab Pizza, and Krispy Kreme.
These include three international outlets—Max’s Restaurant in Qatar, Yellow Cab Pizza in the United Arab Emirates, and a Sizzlin’ Steak concept store in California.
MGI operates a chain of 577 stores, including 37 overseas as of end March this year.
On the international front, MGI has so far entered into five development agreements.
These consist of 25 Yellow Cab Pizza stores in China, five Pancake House outlets in Qatar, five Yellow Cab Pizza stores in Singapore, five Yellow Cab Pizza stores in Jordan, and 10 Yellow Cab Pizza stores in Egypt.