MANILA, Philippines - Philippine Seven Corp. (PSC), the local licensee of leading convenience store chain 7-Eleven, is pouring in P3.5 billion this year for the construction of 412 new stores.
PSC president Jose Victor Paterno said the company plans to add 300 to 400 new stores a year or a growth of 20 percent.
Last year, the company registered P32 billion in sales or 23 percent higher than in 2015.
Paterno said while there was a softening of sales in the second half, the company still performed better in 2016.
The company marked the opening of its 2,000th store located at the LV Locsin building in Legazpi Village, Makati on Wednesday.
Outside the Philippines, the global store chain has over 60,000 stores in 17 countries, making it the largest convenience retailer in the world.
Here at home, PSC opened its first store in 1984. With only 500 stores seven years ago, PSC was able to expand to 1,000 stores in 2014 and now to 2,000 stores in just over two years.
The company said it would continue to innovate with their products and services which already include a loyalty program, accompanying mobile app and a platform on Facebook.
To cater to more customers, PSC has also been rolling out in-store wireless internet service and has started developing e-commerce initiatives to take advantage of the emerging digital retail market.