The Philippines’ largest convenience store network, led by billionaire Jose Victor P. Paterno, is accelerating its store expansion and renovation efforts with a budget of P4.5 billion this year.
Philippine Seven Corporation (SEVN) plans to open 450 new stores in 2024, aiming to celebrate its 40th anniversary by reaching a significant milestone: the inauguration of its 4,000th store. This celebration marks four decades since the company launched its first store in Quezon City during the financial and political crisis of 1984.
In 2023, SEVN opened 375 stores (while closing 33), with a budget allocation of P3.5 billion to P4 billion. As of now, the company operates a total of 3,829 7-Eleven convenience stores nationwide, having added 71 new stores (with 10 closures) in the first quarter of this year. Franchise stores comprise 47 percent of its total network.
The expansion has seen a notable increase in store openings outside Metro Manila, reflecting shifts in consumer behavior and a competitive retail landscape.
SEVN reported a 21 percent profit growth, reaching P639 million in the first quarter of this year, with total sales amounting to P22 billion. However, same-store sales growth has decelerated over the last two quarters, following a period of double-digit quarterly growth that began in early 2022. (bilyonaryo.ph)
