Expansion of 7-Eleven in Cebu to reach 30 stores this year
BY year’s end, there will be 30 7-Eleven stores in strategic locations in Cebu including 15 stores in selected Caltex Gasoline Stations.
Jose Victor P. Paterno, Philippines Seven Corp. president and chief executive officer, mentioned the firm’s expansion target for the year during last Tuesday’s grand launching of the 7-Eleven brand in Cebu.
In three years there will be a total of 100 convenience stores in Cebu with an investment of at least P5 million per store, said Paterno.
“Our bullish expansion in Cebu, which is the first outside of Luzon, is banking on the growth of the outsourcing sector and the vibrant retail industry,”he said.
At present, there are 750 7-11 stores nationwide. The firm aims to make this 900 stores by end of the year with more stores in the Luzon area.
Paterno said the firm was projecting a 25 percent to 30 percent sales growth with the addition of the 150 stores this year including the Cebu outlets.
They plan to have 1000 stores by 2013, said Yen-Sen Yang, senior vice president of President Chain Store Corp. from Taiwan, a partner of Philippines Seven Corp. for the 7-Eleven Philippines franchises.
President Chain Store Corp. owns 56 percent share of the franchises.
Worldwide there are 47,000 7-Eleven stores in 16 countries serving 40 million people daily and earning $70 billion annual revenues, said 7-Eleven International executive vice president and head of international Chris Tanco.
After Cebu, they are looking at nprovinces lof Bacolod and Iloilo for more expansion./Reporter Aileen Garcia-Yap
