7-Eleven PHL says 5,000 stores likely this year

LISTED Philippine Seven Corp. (PSC), the exclusive licensee of the 7-Eleven convenience store brand in the Philippines, said it expects to reach 5,000 stores by yearend despite external headwinds. “We’re still upbeat about our business model even in these times,” PSC Chairman Jose Victor P. Paterno told reporters on the sidelines of an event on Thursday. The company ended June with 4,650 stores. Earlier this year, PSC said it planned to open 500 new stores in the Philippines in 2026, with about 200 stores opened so far. PSC is also looking to open more than 500 stores in 2027, Mr. Paterno said. The rollout of card payment terminals across 7-Eleven branches has also helped support sales, he said. “We’ve done actually pretty well despite everything, but a lot of that is because we rolled out the payment terminals,” Mr. Paterno said. The option to pay by credit card has helped drive sales at 7-Eleven branches in tourist and affluent areas, he added. “Our unit economics are better, even if labor and utility costs eat into that gain,” Mr. Paterno said. PSC President Richard Lee recently said digital payments account for 12% of the company’s sales. About 98% of 7-Eleven stores nationwide now accept cashless payments. PSC is also optimistic about its same-store sales performance in the second half, Mr. Paterno said. “We’ll perhaps outperform even the first-half in terms of percent increase in same-store sales,” he said. The company posted a 3.8% increase in first-half net profit to P1.84 billion, while same-store sales rose 5.9% during the period. On Thursday, PSC shares fell 30 centavos, or 0.91%, to close at P32.70 apiece. — Beatriz Marie D. Cruz