Philippine Seven Corp, operator of the 7-Eleven convenience store chain in the Southeast Asian country, plans to invest 5 billion pesos (US$85.32 million) to add more than 400 stores this year, the company’s Taiwanese investor said.
The exclusive licensee to run 7-Eleven stores in the Philippines targeted an increase of 450 stores in its ongoing expansion after growing the number of stores to 4,130 last year, said President Chain Store Corp (統一超商), which holds a 55.32 percent stake in Philippine Seven.
The 7-Eleven chain would be the first to establish a presence in the three major market regions — Luzon, Mindanao and Visayas — in the Southeast Asian nation, the Taiwanese company said.
Photo: AFP
Philippine Seven would focus on shoring up its market share in Mindanao and Visayas, and on opening stores in areas in Luzon, where the chain has no branches, President Chain Store said.
The Taiwanese company acquired a controlling stake in the Philippine company in 2000.
Despite annual losses in 2020 and 2021 due to the COVID-19 pandemic, the Philippine company returned to profit in 2022, and has added more than 350 stores a year since 2023, President Chain Store said.
In October last year, Philippine Seven opened its 4,000th store in Pasay, as the company marked 7-Eleven’s 40th anniversary in the country.
Uni-President Enterprises Corp (統一企業) chairman Alex Lo (羅智先) told a shareholders’ meeting last year that there is plenty of space for the chain to grow in the Philippines, given its population of more than 100 million.
“The sector is not too crowded, and we are the only one who runs the business efficiently,” Lo said.
The chain in the Philippines is still a retailer focusing on selling goods, compared with 7-Elevens in Taiwan, which offer a range of services, he said.
Intel Corp chief executive officer Lip-Bu Tan (陳立武) is expected to meet with Taiwanese suppliers next month in conjunction with the opening of the Computex Taipei trade show, supply chain sources said on Monday. The visit, the first for Tan to Taiwan since assuming his new post last month, would be aimed at enhancing Intel’s ties with suppliers in Taiwan as he attempts to help turn around the struggling US chipmaker, the sources said. Tan is to hold a banquet to celebrate Intel’s 40-year presence in Taiwan before Computex opens on May 20 and invite dozens of Taiwanese suppliers to exchange views
Application-specific integrated circuit designer Faraday Technology Corp (智原) yesterday said that although revenue this quarter would decline 30 percent from last quarter, it retained its full-year forecast of revenue growth of 100 percent. The company attributed the quarterly drop to a slowdown in customers’ production of chips using Faraday’s advanced packaging technology. The company is still confident about its revenue growth this year, given its strong “design-win” — or the projects it won to help customers design their chips, Faraday president Steve Wang (王國雍) told an online earnings conference. “The design-win this year is better than we expected. We believe we will win
Chizuko Kimura has become the first female sushi chef in the world to win a Michelin star, fulfilling a promise she made to her dying husband to continue his legacy. The 54-year-old Japanese chef regained the Michelin star her late husband, Shunei Kimura, won three years ago for their Sushi Shunei restaurant in Paris. For Shunei Kimura, the star was a dream come true. However, the joy was short-lived. He died from cancer just three months later in June 2022. He was 65. The following year, the restaurant in the heart of Montmartre lost its star rating. Chizuko Kimura insisted that the new star is still down
While China’s leaders use their economic and political might to fight US President Donald Trump’s trade war “to the end,” its army of social media soldiers are embarking on a more humorous campaign online. Trump’s tariff blitz has seen Washington and Beijing impose eye-watering duties on imports from the other, fanning a standoff between the economic superpowers that has sparked global recession fears and sent markets into a tailspin. Trump says his policy is a response to years of being “ripped off” by other countries and aims to bring manufacturing to the US, forcing companies to employ US workers. However, China’s online warriors
RSS