PSC eyes 3,000 7-Eleven stores

THE LOCAL LICENSEE of the chain of 7- Eleven convenience stores aims to reach 3,000 stores by the end of 2019 as it accelerates its expansion to stay ahead of competition among other convenience store operators.

Philippine Seven Corp. (PSC) plans to put up 370 new 7-Eleven stores for this year alone, in addition to the 2,285 stores it had by the end of 2017. Bulk of these new stores will be located in the Greater Manila Area, while also marking its first entry into Bohol.

This means the company will have to build 345 stores in 2019 to reach its target.

“Hopefully [ by the] end of next year we’ll be close to 3,000, and hopefully even faster after that,” PSC President and Chief Executive Officer Jose Victor P. Paterno told reporters in a briefing ahead of the company’s annual shareholders’ meeting in Ortigas Center on Thursday.

The planned expansion is part of the company’s efforts to remain the leading convenience store operator in the country amid the competitive environment.

“Competition in convenience stores is not usually a price war, it’s a site war. It’s all about trying to become the most convenient to the customer, and when you have a very competitive environment, you will open stores even when you’re not ready just because you’re afraid somebody will get there first,” he explained.

The listed firm is also working on introducing new food items such as lechon to its menu, after it started selling a fried chicken line last year.

“We’re trying to investigate how to do lechon… probably Cebu Lechon because it’s salty, has the best value, and you can eat a lot of rice with it. We’re very value-oriented,” Mr. Paterno said, adding that they may launch it toward the end of this year.

Around 90% of 7-Eleven stores currently have dine-in areas, in response to the demand from customers.