The country’s largest convenience store network led by bilyonaryo Jose Victor P. Paterno is ramping up its store expansion and renovation with a budget of P4.5 billion this year.

Philippine Seven Corporation (SEVN) intends to establish 450 new stores this year, aiming to mark its 40th year milestone by opening its 4,000th store in 2024.

This anniversary coincides with the four-decade journey since the company’s inaugural store launch in Quezon City amidst a financial and political crisis back in 1984.

SEVN opened a total of 375 stores (with 33 closures) in 2023 with a budget of P3.5 billion to P4 billion.

The company has a total of 3,829 7-Eleven convenience stores nationwide after opening 71 stores (with 10 closures) in the first quarter year. Franchise stores account for 47 percent of its branch network.

There were more stores opened outside Metro Manila as a response to the changing consumer behavior and competitive landscape.

SEVN posted a 21 percent growth in profit to P639 million in the first quarter this year on total sales of P22 billion.

But same store sales growth has slowed down in the last two quarters after posting double-digit quarterly growth since the onset of 2022.

Source: bilyonaryo.com