Manila Bulletin:
Philippine Seven Corp., operator of the country’s largest convenience store chain 7-Eleven, expects sales to hit P10 billion this year from P9 billion last year as the company is lording it over competition with 750 total stores by end of this year.
Victor Paterno, president and CEO Philippine Seven Corp., told reporters at the press launch for the Franchise Asia Conference 2011 to be held here in September this year, they are going to open its 600th store on Wednesday in McKinley Hill, Fort Bonifacio .
They have targeted to open 150 new stores this year of which 60 had been opened already. There were only 500 7-Eleven stores last year with 50 percent located in Metro Manila.
With the aggressive store openings, the company has allocated between P600 million to P700 million capital expenditures this year.