Philippine Seven Corp., which runs the 7-Eleven chain of convenience stores, is targeting to add 25 new stores by the end of the year.

Philippine Seven currently has 235 7-Eleven stores, 28 of which are under franchise.

The firm is looking at doubling its net income this year given the store expansion.  It made P9.3 million in profits last year after three consecutive years of losses.

After acquiring the assets of Tan Caktiong-led  Binggo Convenience Store in March, Philippine Seven Chairman Vicente Paterno said the firm is open to acquiring other stores to support its drive to open more branches. “If any profitable sites come around, we are always interested to acquire.  Double [profits] would be very achievable since it is very small now. [It would be] largely driven by a larger scale of operation.”

He said the firm had earmarked P110 million in capital expenditure for the rest of the year to renovate old stores, add branches, and upgrade technology in bar coding and scanning.

The P130 million acquisition of Binggo stores in March was funded by bank loans. 

7-Eleven stores are concentrated in Luzon, and Mr. Paterno said expansion in major cities in southern Philippines is possible when the firm expanded to 500 stores in the country’s biggest island.