Family Mart to soon enter Davao Market
AFTER expanding its retail network and acquiring ownership of Philippine Family Mart convenience stores, Phoenix Petroleum plans to bring the convenience store chain in Mindanao, especially in Davao City.
In a press conference with Phoenix Petroleum executives at Sundays Modern Home Cooking, Lanang, Davao City, Vice President of External Affairs Alan Raymond T. Zorilla said they target to bring Family Mart branches nationwide, not only in Luzon.
“After rehabilitating all the Family Mart convenience stores in Luzon, we plan to bring it nationwide especially also here in Davao to give the other convenience stores a run for their money,” said Zorilla.
Currently, there are at least 60 branches of Family Mart convenience stores in Luzon. He said after they have completed with the rehabilitation and enhancement of sales of these 60 branches, their company will definitely bring in Family Mart to Mindanao.
“We don’t want to concentrate regionally. We want to go nationwide. Like Phoenix Petroleum, that is also the plan [for Family Mart],” he said.
They have yet to divulge when they target to bring in Family Mart and how much the branching out would cost, however they said the rehabilitation of some Luzon branches is already ongoing.
The company completed the acquisition of Philippine Family Mart, the third largest conve-
store brand in the country last January 11, 2018 when it bought the entire stake of SIAL CVS Retailers, Inc. (a joint venture between ALI Capital Corp. of Ayala Land, Inc. and the SSI Group, Inc.), FamilyMart Co., Ltd., and Itochu Corporation, for the Philippine operations of Family Mart.
The acquisition was approved by the Philippine Competition Commission (PCC) on January 3, 2018.
Further, Zorilla also said 2017 was their banner year especially so that their good performance had grown to more than 100 percent.
“We are happy to announce that the stock price of Phoenix grew by 128 percent due to its performance by a mere P5.70 in January 2017, it ended by December 29, 2017 with a rise P13 so you have almost P8 pesos income per share. It was really a banner year for us,” he said.
Phoenix Petroleum Philippines is engaged in trading and marketing of refined petroleum products such as LPG and lubricants, operation of oil depots and storage facilities, hauling and into-plane services. Aside from expanding their retail network through the acquisition of Philippine Family Mart, they have also entered into a joint venture agreement with TIPCO Asphalt of Thailand and PhilAsphalt.