7-Eleven targets 1,300 stores by 2014

MANILA, Philippines – Philippine Seven Corp., the local franchise holder of 7-Eleven convenience stores in the country, is targeting to expand its nationwide reach to 1,300 stores by 2014.

Philippine Seven president and chief executive officer Jose Victor Paterno in an interview on the sidelines of the company’s annual stockholders meeting on Thursday, July 18, said company will continue to open new outlets in Luzon and Visayas and is preparing to expand also in Mindanao.

“As PSC (Philippine Seven) continues with aggressive expansion plans, the company will continue to widen its store presence and eventually including Mindanao,” Paterno said.

After putting up its first outlet in Cebu last year, Philippine Seven now has 29 7-Eleven stores in Visayas and is slated to the end 2013 with 60 outlets.

Aside from Cebu, Paterno is looking at other provinces in the region including Bacolod and Ilo-ilo.

The retailer is spending P1.5 billion in capital expenditures this 2013, up 50% from a year ago, to renovate existing outlents and roll out new stores. It has targeted to end 2013 with 1,000 stores.

Paterno expects these aggressive expansion will boost the 2013 financial performance of the company. In 2012, Philippine Seven earned P464.6 million, up 30% as sales jumped 25% to P13.4 billion. – Rappler.com