7-Eleven franchise holder to spend P3B for 2015 capex

Philippine Seven Corp. has set P3 billion for its capital expenditures this year, up by more than 50 percent than its budget last year.

 

The local franchise holder of 7-Eleven convenience stores will use the fund to support its "accelerated" store expansion strategy, according to a disclosure to the Philippine Stock Exchange on Monday.

 

There are 1,282 7-Eleven stores nationwide as of end-2014.

 

"This represents a net increase of 273 stores or 27 percent compared with the end-2013 count of 1,009 stores," the company said.

 

It opened 286 new stores and closed 13 stores last year.

 

"PSC has taken steps to protect and expand its leadership in light of increased competition, recognizing that rewards for market share are especially strong in the convenience store sector," PSP president and CEO Jose Victor Paterno said. —Kathryn Mae Tubadeza/KG, GMA News