MANILA, Philippines - The local franchise holder of 7-Eleven convenience store is spending P1.5 billion in capital expenditures this year, as it continues to open new stores in Luzon and Visayas.
Philippine Seven Corp. will be using capex, which is 50% higher than a year ago, for new stores and renovation of existing outlets.
Jose Victor Paterno, Philippine Seven president and CEO, said there will be 1,000 7-Eleven stores by end of 2013, and 1,300 by 2014.
Philippine Seven is continuing to expand in Luzon and Visayas, and may soon open in Mindanao. The company is targeting have 60 stores in Visayas by end of 2013, with stores planned for Cebu, Bacolod and Iloilo.
"As PSC continues with aggressive expansion plans, the company will continue to widen its store presence and eventually including Mindanao," Paterno said.