MANILA - Figaro Coffee Group Inc on Wednesday said it is on track to meet its goal of growing its network to 150 branches by the end of the year as the economy further recovers from the impact of the COVID-19 pandemic.
Currently, the food and beverage company operates Angel's Pizza, Figaro Coffee and Tien Ma's Taiwanese Cuisine. The company has over 120 outlets across its roster, it said in a disclosure to the stock exchange.
Thirty more outlets are undergoing construction and are located in Bulacan, Cavite, Cebu and Laguna along with more sites in the National Capital Region.
“The gradual reopening of the economy gave us the confidence to aggressively expand our presence in more areas in the country. We at Figaro want to be able to cater to new markets that have high demand for quality food products at affordable prices,” FCG Chairman Justin Liu said.
Despite the huge demand in Metro Manila, there is also potential in areas outside the city center, FCG Chief Operating Officer Mike Barret said.
Aside from new stores, the group is also building more commissaries across the country including the one in Cebu and an expansion of its main Metro Manila hub, it said.
Figaro said it aims to partner with retail giants this year to boost growth.
Its brand Angel's Pizza Express is also set to open more kiosks across Metro Manila with some branches openings in malls soon such as in Ayala Malls by the Bay and the Glorietta Food Court, Figaro said.
Figaro listed on the Philippine Stock Exchange early this year.