NextGen Day

🏬📈 MANILA – The Philippine Seven Corp. (PSC), the exclusive licensor of 7-Eleven in the country, is optimistic about the growth of convenience stores this year, buoyed by its record-high net income of PHP2.06 billion in 2022.

During a virtual press briefing after its annual stockholders’ meeting on Thursday, PSC President and CEO Jose Victor Paterno expressed confidence that the company’s expansion this year would be driven by various factors, including the growth of the business process outsourcing (BPO) sector, investments from overseas Filipino workers, the rise of people working from home, and the thriving community of freelancers.

“We expect 2023 to be another record year,” Paterno declared. “We’re bullish with the growth of the Philippines.”

He highlighted that PSC’s performance in the first quarter of this year had surpassed pre-pandemic levels, even though foot traffic declined to about 80 percent of what it was before. However, spending per basket surged by an impressive 120 percent.

Paterno mentioned that PSC’s strategy of expanding outside Mega Manila has proven successful in bouncing back after the challenges posed by the pandemic. The company faced net losses of PHP419.7 million and PHP461 million in 2020 and 2021 due to business disruptions from the pandemic and community quarantine restrictions.

With the economy recovering, the PSC is moving forward with its pre-pandemic market development plan, aiming to establish 400 new stores this year. The company is allocating PHP3.7 billion as capital expenditure to support this expansion.

“We opened about 150 stores this year out of 400 new targets. New stores (are) mostly outside Metro Manila,” shared PSC’s Head of Finance, Lawrence de Leon. The new stores will be a mix of company-owned and franchised outlets.

The outlook for investments in the Philippine market remains positive, as the recent Philippine Franchise Association (PFA) exposition showed significant interest in 7-Eleven as an investment alternative.

With its impressive net income and strategic expansion plans, PSC remains a prominent player in the country’s thriving convenience store sector, contributing to the growth of the Philippines’ retail industry. 🏬🚀💼

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