Philippine Seven Corp to accelerate expansion

PHILIPPINE SEVEN CORPORATION (PSC), the local licensee for 7-Eleven Convenience Store, is planning an ‘accelerated store expansion strategy’ that will take the brand further beyond metro Manila.

P17 Philippine Seven CorpPSC has the largest convenience store network in the country. It acquired the licence for 7-Eleven in the Philippines in December 1982.

According to reports, the company plans to spend Php3 billion (US$68 million) this year to fund this targeted expansion. By the end of this year, it expects to have added some 350 stores to its existing chain of outlets.

PSC said it ended the past year with 1,282 stores, that is 273 more than at the same time the year before.

President & CEO Jose Victor Paterno is confident the company can sustain the momentum to meet earnings and store expansion goals. “PSC has taken steps to protect and expand its leadership in the light of increased competition, recognising that rewards for market share are especially strong in the convenience store sector,” he said.