Philippine Seven Corp. (PSC), the local franchise holder of convenience store chain 7-Eleven, said Thursday it plans to spend P2 billion in capital expenditures this year to open 300 additional outlets.
PSC president and chief executive Jose Victor Paterno said in a press briefing the company remains bullish this year said despite the current market environment after posting a strong first-quarter performance.
“We are bullish this year that is why we are opening more stores,” said Paterno.
Company-owned stores will account for half of the new openings this year while franchise outlets will contribute the remainder. PSC as of end 2021 operated 3,073 convenience stores, mainly in Metro Manila and major areas in Luzon.
Paterno said the easing mobility restrictions and the resumption of face-to-face classes would boost the company’s performance in the coming period.