7-Eleven to open 5,000th PH store in Cebu

Philippine Seven Corp. (PSC), the exclusive licensor of 7-Eleven stores in the country, is certain it will close the year with at least 5,000 stores, hitting an expansion milestone despite economic pressures brought about by the Middle East crisis.

PSC chair Victor Paterno said reaching the 5,000-store mark was already “carved in stone,” with the company identifying Lapu-Lapu City in Cebu as the site of the milestone store, which is scheduled to open on Dec. 3.

Paterno said the occasion would be attended by the chair of 7-Eleven’s parent company.

The milestone would come just two years after 7-Eleven opened its 4,000th Philippine store in 2024, four decades after the convenience store chain entered the country.

PSC’s aggressive store expansion has helped drive growth this year. In the first half, its net income rose 3.8 percent to P1.84 billion as systemwide sales climbed 15.1 percent.

The company ended June with 4,650 stores nationwide, with new stores accounting for more than 6 percent of total sales.

Paterno said about half of the remaining stores to be opened on the way to the 5,000-store mark would be company-owned, with the other half operated by franchisees.

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The expansion has continued despite a challenging macroeconomic environment, including higher fuel, labor and utility costs that have put pressure on businesses and consumers.

“We’ve done actually pretty well despite everything,” Paterno told reporters on the sidelines of a Makati Business Club roundtable on Thursday.

“Our unit economics are better, even if labor and of course utility costs eat into that gain,” he added.