Philippine Seven earmarked P1 billion in capital expenditures which would fund the opening of at least 250 more stores this year, which will bring its total network to 3,250 by year-end, its President and CEO Jose Victor Paterno in a virtual briefing.
"We have more confidence in the new model and we will be expanding again in pretty different areas that we are originally targeting...In most cases, we will be paying lower rents," Paterno said. Aside from geographic diversions, 7-Eleven is also investing in ramping up groceries and other essentials in its stores under its "Convenience Plus" pivot since these items are what customers are looking for. Paterno said they have invested in new warehouses to store essentials.
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