7-Eleven PH bullish on VisMin for expansion
Philippine Seven Corp. (PSC), the exclusive licensor of convenience store 7-Eleven in the country, on Thursday said it is on track to achieve its goal of 500 new stores this year as it is looking to ride on the growth of consumer demand in the Visayas and Mindanao regions.
According to PSC president and chief executive officer Jose Victor Paterno, the Visayas and Mindanao regions continue to outperform, which he said was a post-pandemic phenomenon.
'I think last year, almost half the new stores were in VisMin. More than half this year will be in VisMin because it's growing, because they are the most profitable stores, where there's the most consumer demand,' he said in Makati City.
The company earlier said it plans to open 500 new stores in 2025 and hit 5,000 stores in 2026. It ended 2024 with 4,130 stores—1,974 of which were franchise stores, and the remaining 2,156 company-owned.
'We continue to monitor. Of course we look for trends and say, the new stores we're opening in the different regions are still doing well — yes, then we continue, and when we see signs of a slowdown or something like, okay, we're oversaturating this region, or this region is slowing down for whatever reason,' Paterno said.
'What I can tell you is that it's pretty strong, and thankfully VisMin continues to outperform,' he added.
Asked for his outlook, Paterno said the company is optimistic that it will outperform the second half of 2024. Its third-quarter net income climbed 13.1% to P813.9 million and rose by 1.4% to P1.233 billion in the fourth quarter.
'I think if current economic conditions persist, mathematically we will surpass the second half because the second half was so weak because of maybe the POGOs (Philippine Offshore Gaming Operators), but again, we don't know what's going to happen in the second half, what's going to happen with tariffs,' he said.
President Ferdinand 'Bongbong' Marcos Jr., in his State of the Nation Address in July 2024, ordered the ban on all POGOs by the end of 2024, citing the sector's 'grave abuse' and 'disrespect' to the country's system and laws.
Meanwhile, US President Donald Trump, in what he termed the 'Liberation Day' policy, planned to slap a 17% reciprocal tariff on Philippine goods, which compares with the 34% rate that Manila charges against American goods.
This was set to take effect on April 9, but Trump has since announced a 90-day pause on most countries except China, while countries such as the Philippines could still face a baseline 10% tariff.
Shares in PSC were last traded at P46.00 apiece, up by P0.50 or 1.10% from Wednesday's finish of P45.50 per share. — VBL, GMA Integrated News
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
GMA Network
5 days ago
- GMA Network
Common station, MRT-7 finished by 2027 — DOTr's Dizon
Transportation Secretary Vince Dizon on Tuesday committed that the common station for LRT-1, MRT-3, and MRT-7 lines will open in 2027, coinciding with the start of the operation of MRT-7 which connects Metro Manila and Bulacan. Dizon said this prior to the approval of his ad interim appointment as secretary of the Department of Transportation (DOTr) by the transportation committee of the Commission on Appointments (CA). 'Ang goal po natin is makahanap na tayo ng bagong gagawa at magtatapos ng istasyon ng common station ngayong 2025 at ang timeline natin is kasabay sana ng opening ng MRT-7 ay tapos na rin ang common station, para by 2027 tapos na po finally,' he said. (Our goal is to find a new contractor to build and finish the common station by 2025. Our timeline is to finish the common station at the same time as the opening of the MRT-7, so that by 2027 it will finally be finished.) 'Parang 15 years na itong mga proyektong ito between common station, MRT-7, at ang koneksyon ng LRT-1 at MRT-3. Mahigit isang dekada na ito, halos 15 years na. Tingin ko, within the term of the President, lahat ng prokeytong ito ay matatapos na at operational,' he added. (These projects—the common station, MRT-7, and the connection of LRT-1 and MRT-3—have been going on for 15 years. It's been more than a decade, almost 15 years. I think, within the term of the President, all these projects will be completed and operational.) — RSJ, GMA Integrated News
GMA Network
27-05-2025
- GMA Network
ASEAN leaders agree tariff deals with US should not harm members
"The consensus rose to have some sort of understanding with ASEAN that decisions should not be at the expense of any other country," Malaysia's Prime Minister Anwar Ibrahim said. REUTERS/ Hasnoor Hussain KUALA LUMPUR — Southeast Asian leaders reached an understanding on Tuesday that any bilateral agreements they might strike with the United States on trade tariffs would not harm each others' economies, Malaysia's premier Anwar Ibrahim said. Anwar, the current chair of the Association of Southeast Asian Nations (ASEAN), said there was consensus during a leaders' summit in Kuala Lumpur that any deals negotiated with Washington would ensure the interests of the region as a whole were protected. The ASEAN meeting came at a time of global market volatility and slowing economic growth, and amid uncertainty over a trade war that has ensued since US President Donald Trump's announcement of sweeping "Liberation Day" tariffs. Southeast Asia is among the regions hardest hit by the tariffs, with six of its countries facing levies of between 32% and 49% in July if negotiations on reductions fail. "While proceeding with bilateral consensus rose to have some sort of understanding with ASEAN that decisions should not be at the expense of any other country," Anwar told a press conference. "So we will have to protect the turf of 650 or 660 million people," he said of ASEAN. With a combined gross domestic product of more than $3.8 trillion, ASEAN members are in a precarious position in relation to the United States, which is the biggest market for the region's exports, key drivers of its growth. Anwar said on Monday that he had written to Trump requesting a meeting on the tariffs between the United States and ASEAN. Anwar was speaking at the conclusion of the summit on Tuesday, which included an economic gathering of leaders of the ASEAN bloc, Gulf countries and China, which was represented by Premier Li Qiang. Peace effort ASEAN leaders also called for a temporary ceasefire in army-ruled Myanmar to be expanded nationwide, to enable warring sides to build trust and work towards convening dialogue after four years of turmoil. Myanmar has been in crisis since its military overthrew an elected civilian government in 2021, triggering pro-democracy protests that morphed into a widening rebellion, with more than 3.5 million people displaced, according to the United Nations. A devastating earthquake in March that killed more than 3,800 people led to a series of temporary ceasefires in affected areas, a truce that the military government has violated with continued air strikes and artillery attacks, according to data compiled by a conflict monitor and the United Nations. "We further called for the sustained extension and nationwide expansion of the ceasefire in Myanmar, as an initial step towards the cessation of violence," the ASEAN leaders said in a statement. "We encouraged all relevant stakeholders in Myanmar to build trust towards convening an inclusive national dialogue." Anwar hailed "significant" engagement steps on Myanmar on Monday after last month holding a closed-door meeting in Bangkok with junta chief Min Aung Hlaing and virtual talks with the shadow National Unity Government, which is aligned with rebel forces. On Tuesday, Anwar said ASEAN leaders had agreed that the path forward was to engage all sides in the Myanmar conflict. "Now we have gone to a stage where both parties are now in consultation, although at the lower key level," he said, stressing the need to extend and expand the ceasefire. His remarks come after Maris Sangiampongsa, the foreign minister of Thailand, Myanmar's neighbor, told Reuters he would propose broader international engagement with the junta, which has been ostracized by Western powers, with sanctions imposed on the generals. — Reuters
GMA Network
22-05-2025
- GMA Network
7-Eleven PH bullish on VisMin for expansion
Philippine Seven Corp. (PSC), the exclusive licensor of convenience store 7-Eleven in the country, on Thursday said it is on track to achieve its goal of 500 new stores this year as it is looking to ride on the growth of consumer demand in the Visayas and Mindanao regions. According to PSC president and chief executive officer Jose Victor Paterno, the Visayas and Mindanao regions continue to outperform, which he said was a post-pandemic phenomenon. 'I think last year, almost half the new stores were in VisMin. More than half this year will be in VisMin because it's growing, because they are the most profitable stores, where there's the most consumer demand,' he said in Makati City. The company earlier said it plans to open 500 new stores in 2025 and hit 5,000 stores in 2026. It ended 2024 with 4,130 stores—1,974 of which were franchise stores, and the remaining 2,156 company-owned. 'We continue to monitor. Of course we look for trends and say, the new stores we're opening in the different regions are still doing well — yes, then we continue, and when we see signs of a slowdown or something like, okay, we're oversaturating this region, or this region is slowing down for whatever reason,' Paterno said. 'What I can tell you is that it's pretty strong, and thankfully VisMin continues to outperform,' he added. Asked for his outlook, Paterno said the company is optimistic that it will outperform the second half of 2024. Its third-quarter net income climbed 13.1% to P813.9 million and rose by 1.4% to P1.233 billion in the fourth quarter. 'I think if current economic conditions persist, mathematically we will surpass the second half because the second half was so weak because of maybe the POGOs (Philippine Offshore Gaming Operators), but again, we don't know what's going to happen in the second half, what's going to happen with tariffs,' he said. President Ferdinand 'Bongbong' Marcos Jr., in his State of the Nation Address in July 2024, ordered the ban on all POGOs by the end of 2024, citing the sector's 'grave abuse' and 'disrespect' to the country's system and laws. Meanwhile, US President Donald Trump, in what he termed the 'Liberation Day' policy, planned to slap a 17% reciprocal tariff on Philippine goods, which compares with the 34% rate that Manila charges against American goods. This was set to take effect on April 9, but Trump has since announced a 90-day pause on most countries except China, while countries such as the Philippines could still face a baseline 10% tariff. Shares in PSC were last traded at P46.00 apiece, up by P0.50 or 1.10% from Wednesday's finish of P45.50 per share. — VBL, GMA Integrated News
