7-Eleven plans 400 new stores, sees poll-driven sales bump

ABS-CBN News

Posted at Feb 26 2019 09:49 AM | Updated as of Feb 26 2019 10:04 AM

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MANILA -- The operator of 7-Eleven convenience stores in the Philippines said Tuesday it planned to open 400 new outlets this year, with demand from the mid-term elections expected to boost sales.

Philippine Seven Corp "addressed execution issues" after missing its target to open 375 stores in 2018, said its president and CEO Jose Victor Paterno. The company hopes to expand to up to 3,000 stores.

"We expect to get a good bump from it," Paterno told The Briefing on ANC's Market Edge, referring to the election campaign that started on Feb. 12.

Philippine Seven "welcomes" cooling inflation after it was hit by high fuel costs in the third quarter of 2018, Paterno said.

Sales benefited from uniform excise taxes, which made pricier variants of sugary drinks and tobacco products appear closer to the price of less expensive choices, he said.