MANILA, Philippines - Philippine Seven Corp., operator of 7-Eleven convenience stores in the country, announced plans to open 180 more stores within the year.
The Manila Standard Today writes that Jose Victor Paterno, Philippine Seven president, said that the additional stores would bring the total to 900 7-Eleven stores nationwide.
Philippine Seven accounts for 50% of the country€™s convenience store market. The company also renewed its partnership with Chevron Philippines Inc. last Friday, a partnership that brings 7-Eleven stores to Caltex stations. Since the partnership was formed in 2009, 25 7-Eleven stores were brought to Caltex stations across Manila, with plans to add 20 more.
"The 7-Eleven€™s proven track record in convenience store operations coupled with the popularity of the Caltex brand of fuels and petroleum products is a compelling value proposition for our consumers," Jim Meynink, Chevron country chairman, told the newspaper.
In late June, Philippine Seven announced that is planning to spend more than P1 billion this year to expand and refurbish its network of convenience stores. So far five 7-Eleven stores feature the new format.
"[The upgrade] will put more emphasis on our foodservice category, not on the packaged foods or the general merchandise [categories] because we see this category as our point of differentiation among our competitors," Lawrence M. De Leon, Philippine Seven finance division manager, said in an interview with BusinessWorld.
Philippine Seven was incorporated in 1982, acquiring the operating license for 7-Eleven stores in the Philippines from Texas-based 7-Eleven Inc. After opening its first 7-Eleven store in Quezon City in 1984, the firm now operates 714 stores, of which more than 60% are franchisees.