7-Eleven Philippines targets 5000 stores by next year
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Philippine Seven Corporation (PSC), the entity managing 7-Eleven stores in the Philippines, has its sights set on bolstering its network to a landmark 5000 stores across the nation by the next year.
On Track for Expansion
Providing an update at a press briefing, PSC Chairman Jose Victor Paterno voiced the company’s confidence about achieving this ambitious target. He indicated that it is a reasonable assumption to expect the 5000-store mark to be realized within the upcoming year.
At the conclusion of last year, PSC had a total of 4130 7-Eleven locations strewn across the Philippines. The organization is planning to inaugurate between 450 and 500 additional stores throughout the current year.
Financial Support for Rollout
To aid the rollout of these new locations, a capital expenditure program worth PHP5.5 billion (US$97 million) has been established. This fund represents a marginal decrease from the previous allocation of PHP6 billion.
Aiming to Serve Underserved Markets
This planned expansion forms a crucial element of PSC’s wider strategy. The company aims to cater to underserved markets and react to the escalating demand for easily accessible and convenient retail options in every corner of the nation.
Questions & Answers
What is the expansion target set by Philippine Seven Corporation?
The company is planning to expand its network to a total of 5000 stores nationwide by the next year.
How many new 7-Eleven stores does PSC plan to open this year?
PSC aims to inaugurate between 450 and 500 new locations in the current year.
What is the objective of PSC’s expansion strategy?
The strategy aims to reach and serve underserved markets and respond to the increasing demand for accessible and convenient retail options across the nation.