Retail News CRM

Tag: Philippines

  • Brand building shifts from billboard to online

    Brand building shifts from billboard to online

    From billboard and television, the Philippine market is slowly shifting to online in brand building, capitalizing on the growth of mobile penetration and the use of electronic commerce.

    According to leading global market research and insights company TNS, brands in the Philippines have leveraged on the social media-savviness of the Philippine market in pushing their brands which are now using Facebook twice as much in the previous year to push their products.

    Anne Rayner, global head of Communications Research, in a press briefing said electronic commerce is picking up and growing three times as fast as the global average.

    Rayner said 81 percent of brands on Facebook in the Philippines use this medium to market their products, which is almost double than the 47 percent global penetration.

    In the Philippines, Rayner said, 11 percent of purchases are now made via mobile.

    The study also showed that almost two thirds of product research (62 percent) is happening online in the Philippines – and much of this is happening in-store while people shop.

    “This highlights just how vital it is for retailers and businesses to understand which touchpoints are most important to driving sales, as it may not be those in the physical store,” Rayner said.

    Rayner clarified though that the Philippines remains a TV-heavy market but that studies would indicate a shift to mobile as half of the population are connected.

    “This has allowed them to increasingly watch videos on their smart phones during peak TV times in the early evenings. In one year, the Philippines emerged from the most TV-heavy market to just in the top 10. Brands should embrace on how to reach consumers,” Rayner said.

    “In the Philippines, it’s all about mobile and Facebook is very critical. Social media now looks like TV,” she added.

    When it comes to customer relations management, Rayner said, Filipinos prefer social media rather than call centers such that it would be better to set up service centers to handle after-sales.

    Rayner also said billboards in the Philippines are overused and brands should use them for deliberate, specific strategies on top of other media, depending on the products.

    A study done by TNS a few years ago showed that the Philippines was a country of billboards, but Rayner said this has changed.

    “Studies show that from telcos to infant nutrition, billboards are not a good value for money, just because brands become visible (through billboards) does not mean they are impactful. Billboards just become wallpapers,” Rayner added.

    Car dealerships, for example, use TV and billboards to drive sales.

    E-commerce in the Philippines in 2015 grew nine percent, three times faster than the global average, with 20 percent of Filipinos buying through ecommerce, half of which are via mobile.

    Rayner said the Philippines has overcome the accessibility challenge in e-commerce but trust issue remains a hurdle.

    She said most e-commerce purchases are for travel.

    According to Rayner, growth of e-commerce in the Philippines is hampered by the fact that most fast-moving consumer goods are purchased on last-minute, where Filipinos go to their old reliable retail outlets for their purchases.

    The TNS study revealed thaton average, Filipinos use five different touchpoints before making a purchase. Touchpoints are the different ways that consumers interact with a business.

    From traditional methods like customer service call centers to newer interactions like social media, the array of touchpoints now available for businesses has completely changed the marketing landscape.

  • Major revamp for SM Mall of Asia

    Major revamp for SM Mall of Asia

    SM Mall of Asia is set to revolutionize its look 10 years after it opened in Manila Bay.

    The Philippines’ biggest mall will soon house a FIFA World Cup-size soccer field on the mall’s roof deck and a botanical garden. Miami-based firm Arquitectonica will design these.

    By the end of the year, an Olympic-size skating rink will also open on the third floor.

    Designer furniture will deck a new food hall, in tune with the mall’s modern look.The mall will also adopt a “warmer” look and feel, according to Steven Tan, senior VP for SM Supermalls, with the interior to feature new colour scheme and wooden panelling.

    According to Tan, SM Prime president Hans Sy told the design team to give the mall a “wow” factor.

    “I’ve seen the perspectives, and the view from up there will be breathtaking. There will be an unobstructed view of the sea and it is beautiful,” Tan said.

    SM Mall of Asia has 700 tenants and has an occupancy rate of between 98 per cent and 100 per cent. This has prompted the company to undertake the redevelopment in phases.

    Conrad Manila, SM Prime’s deluxe hotel brand, is set to open in June with a new retail podium called S’Maison which will house unique concept stores as well as luxury retail stores, fine dining restaurants and state-of-the-art cinemas.

    New brands are also set to come in including Swedish clothing giant H&M which is slated to introduce a 3000 sqm flagship store.

    SM-MOA

    Recently the mall unveiled a 2.7 megawatt “solar car park” in partnership with Solar Philippines, which is nearly twice the size of the 1.5 MW SM North Edsa solar car park. Comprising 10,426 solar panels and 40 inverters, it supplies nearly 20 per cent of the mall’s power needs.

    In another development, the Manila-Acapulco Galleon Museum is taking shape to feature the history of the 250-year old global trade route where the Philippines and Mexico played major roles. The museum will highlight the galleon trade’s impact on today’s commerce, banking, travel, and cultural exchange.

    SM and SM Prime chairman, Henry Sy, who once called this mall the greatest project of his life, had a vision to build one of the largest malls in Asia which will not just be a shopping complex but a premier destination.

    “The mall will be a major Asia Pacific destination,” Sy said at that time.

    SM Mall of Asia opened in May 2006 as the flagship development of SM on 60ha of reclaimed land in Pasay City. The mall introduced the first Olympic-size skating rink and the first Imax theatre in the country.

    Lees ook:

    Lees ook:

  • Southeast Asian economies lure Alibaba

    Southeast Asian economies lure Alibaba

    Southeast Asian economies are reaching a stage similar to China’s at the end of the last decade, when eCommerce began to take off, according to Alibaba Group executive vice-chairman Joseph Tsai.

    “I don’t blame you guys for having some degree of excitement about Southeast Asia when you look at the economies here,” he has told a Singapore conference staged by Google and local sovereign wealth fund Temasek.

    For example, he said, the per-capita GDP of Indonesia, the world’s fourth most-populous country, was about $2900. “That’s roughly the same as China’s per-capita GDP in 2009 and into 2010, a period when Alibaba’s C2C marketplace Taobao began to soar, adding about $50 billion in gross merchandise volume.”

    This was one reason Alibaba had invested about $1 billion in Singapore-based Lazada Group last month. Launched in 2012, Lazada now has shopping websites in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. It began by selling inventory to customers from its own warehouses but now also runs marketplaces for third-party sellers, as well as using its own logistics networks for deliveries.

    “We’re very excited about our investment in Lazada,” Tsai said. “It is starting from a very small base, but the potential is very, very big.”

    By adding marketplaces in Southeast Asia, Alibaba can offer merchants already selling on its platforms a chance to sell into new markets. “It’s very, very helpful to be able to present something that is more of a geographically diverse platform,” Tsai said. Online healthcare and fintech companies such as Alibaba-affiliate Ant Financial, poised for rapid growth in China, could expand their services to Southeast Asia.

    Tsai said he sees promise in the wide use of the mobile internet in Southeast Asia, a trend that typically gives rise to greater engagement and more purchases by online shoppers.

    Lees ook:

    Lees ook:

  • Petron to open more than 250 gas stations in Malaysia and the Philippines

    Petron to open more than 250 gas stations in Malaysia and the Philippines

    The Philippines’ largest oil refiner and distributor Petron Corporation is set to further expand its retail business as it continues to enjoy stronger sales and positive growth potentials, reported The Standard.


    Source: Petron Corporation Facebook Page

    This year, Petron targets to add more than 250 gas stations to the existing 2,800 Petron stations in Malaysia and the Philippines.

    The company, in fact, has already carried out a significant gas station network expansion in Malaysia with the acquisition and rebranding of approximately 550 ExxonMobil stations.

    It also plans to upgrade its Port Dickson Refinery, according to Petron president and chief executive Ramon Ang.

    Ang also disclosed plans to put up 12 retail stations along the Philippines’ 88.5-kilometer, two-lane Tarlac-Pangasinan-La Union Expressway (TPLEX).

    TPLEx has a high traffic volume as it connects the central and northern Luzon provinces to Manila through the Subic-Clark-Tarlac Expressway and the North Luzon Expressway.

    Petron’s parent firm San Miguel Corporation (SMC), through the Private Infra DevCorporation (PIDC), the concessionaire in TPLEx, provides management services, toll collection, traffic safety and security management, toll road maintenance, and other related services along the expressway.

    Lees ook:

    Lees ook:

    Lees ook:

  • San Miguel selling telco assets to PLDT & Globe

    San Miguel selling telco assets to PLDT & Globe

    Philippine conglomerate San Miguel corporation is selling its telecom business to incumbent operators PLDT and Globe following the collapse of its JV negotiations with Telstra.

    Under the agreement, San Miguel will sell its telecom unit Vega Telecom for 69.1 billion pesos ($1.48 billion) inclusive of 17.02 billion pesos worth of liabilities. PLDT and Globe will each acquire half of the business.

    Vega Telecom owns controlling stakes in multiple telecom-related units. These are BellTel, Eastern Telecommunications, Cobaltpoint Telecommunication (formerly Extelcom), Tori Spectrum Telecommunication (formerly Wi-Tribe) and Hi-Frequency Telecommunication.

    The acquisition will finally grant PLDT and Globe access to radio spectrum in the coveted 700-MHz band, which San Miguel currently holds a monopoly on.

    PLDT and Globe have been petitioning the government for years for access to this spectrum, but the regulator had so far declined to act to recall the spectrum.

    In addition to the 700-MHz spectrum the acquisition also covers frequencies in the 900-MHz and 1800-MHz bands, PLDT said in a stock market filing.

    But as part of the deal, PLDT and Globe have agreed to relinquish part of the 700-MHz, as well as 850-MHz, 2500-MHz and 3500-MHz bands to regulator NTC to allow the potential entry of a third operator into the market.

    “This transaction offers a breakthrough opportunity, not only for the companies involved but also for the industry and the country. This will enable existing operators to provide significantly improved Internet and data services to the public and to our customers in the shortest possible time,” PLDT CEO Manuel V Pangilinan said in a statement.

    “ At the same time, it leaves the door open for new entrants into the industry. Taken together, thiswill enable the industry to better support the country’s development efforts – especially significant with the onset of a new government.”

    Lees ook:

    Lees ook:

  • Cignal TV deploys Actus monitoring platform in the Philippines

    Cignal TV deploys Actus monitoring platform in the Philippines

    Cignal TV in the Philippines has deployed Actus broadcast monitoring and media intelligent platform for TOA recording of MCR TV channels.

    Actus provides Cignal TV a broadcast recording solution as well as a system to support the marketing requirements. The recorded TV contents are available for simultaneous users, for clips viewing, clips creation and quality assurance.

    “With Actus recording and logging system, time consuming processes became immediate and efficient for all concerned teams,” said Gilbert D. Tan, TOC supervisor of Cignal TV. “The recorded contents are readily available 24×7 for review, clip creation and can be exported immediately when needed by our Channels and Marketing Team.”

    Actus View enables users with permissions to easily access recorded content with a user-friendly interface using web browsers. This aims to build trust and confidence with advertisers that Cignal TV is only delivering competitive and high-quality broadcast contents to its viewers.

    “Actus View is not only a reliable and cost-effective solution for recording TV channels, but also provides other integrated added values such as exporting clips, competitive monitoring and more,” said Raphael Renous, Actus CTO.

    Cignal TV awarded TechTwist the contract to deploy the Actus View solution for broadcast recording and media monitoring. The Actus team worked closely with TechTwist to design a winning workflow.

    Lees ook:

  • Japanese bank eyes bigger foothold in PH

    Japanese bank eyes bigger foothold in PH

    One of the more significant banking stories of the year is the acquisition of Bank of Tokyo Mitsubishi UFJ (BTMU) of a 20 percent share in a local bank. It’s a move that many predict will eventually lead to a larger ownership stake in the future.

    BTMU CEO Go Watanabe (Asia and Oceania Region) is not dismissing this possibility but one thing he is sure, if it should come to pass it will be a decision that both banks will reach at the same time, at the right time.

     

    WATANABE

    WATANABE

    Watanabe and officials of Security Bank Corp. announced in January this year of BTMU’s purchase of 20 percent of the bank for $782 million. BTMU, the investment banking arm of the Mitsubishi UFJ Financial Group, is Japan’s biggest bank while Security Bank is the sixth top bank in the Philippines.

    “I cannot disclose the details of the contract but at this moment, 20 percent is very comfortable. So, at this moment we have no plan to increase our share,” said Watanabe.

    The future though, is not set in stone. “(Do we want more share?) we don’t know yet,” he remarked. “Hopefully, our collaboration has been successfully expanding and if both sides will see further opportunity to change the ownership … in that case, we might think about it.”

    Watanabe said BTMU’s “purpose” in Security Bank is not just about making an investment. “We don’t have to limit ourselves to 20 percent as a collaboration. We have already started at 100 percent collaboration.”

    Watanabe said they value mutual agreements and their relationship with the owners of Security Bank and its management is “much more important”. “Due to the good relationship, I think if Security Bank or its owners will reduce their share (in the future), BTMU will be the best party to talk first.”

    Bigger market share

    BTMU is an ambitious bank, it wants global banking status soon and sees the Philippines as part of its plan of establishing a larger regional presence first before becoming one of Asia’s largest by 2020.

    For the Japanese bank, the Philippines is a high growth market based on sustained GDP expansion (66 quarters of above five percent growth), a developing infrastructure industry, a promising revival of the manufacturing sector, and a demographics profile that assures a tenable growth path for a long time.

    BTMU, in the Philippines since 1918, has one branch which they established in the 1970s.

    Watanabe said they have a strong client base here mostly Japanese corporations but their local clients are also growing. “We also have been working with a number of big deals with local conglomerates.” In 2015, its loan book in the Philippines amounted to $800 million.

    BTMU has been in business with Security Bank since 2011 as the latter has an expertise in cash management segment. When they bought shares in the bank – which was approved by the central bank in February this year – they quickly installed their representatives in the bank.

    During its recent annual stockholders’ meeting, and after ratifying the 20 percent equity infusion of BTMU, the Security Bank’s board elected three representatives from BTMU. One of them, Takahiro Onishi, is appointed executive vice president and head of alliance segment. This segment is a new position for exploring “opportunities for the growth of Japanese and related businesses for Security Bank.”

    Watanabe said the collaboration involves providing existing Japanese customers in the Philippines with services such as retail banking. “In addition, we can also provide global corporate business to local companies with services such as project finance, trade finance and tapping BTMU’s diversified global network.”

    “Our business collaboration is (mainly) based on corporate banking. We will be using Security Bank’s expertise in cash management for our Japanese clients (for payroll service, among others),” explained Watanabe.

    In BTMU’s current set up in the country it does not have retail banking. It is in this area that Security Bank will come in. “We are willing to collaborate, to walk together, to transfer our knowledge and support Security Bank’s retail banking.”

    And, since the Philippines is one of the “most important country” for BTMU’s plans to become a top Tier 1 bank in the region, Watanabe said they did not purchase their shares cheap, even offering a high premium. “Our investment is the biggest investment in the Philippine financial market,” he said.

  • Philippine GDP growth surpasses China

    Philippine GDP growth surpasses China

    The Philippines has surpassed China in terms of GDP growth, for the first time in three decades, making the country the best performer in Asia* in Q1 2016.

    From 5 per cent in Q1 2015, Philippine GDP surged by 6.9 per cent in Q1 2016, the highest since the second quarter of 2013, said the National Economic and Development Authority.

    Philippine GDP growth outpaced China’s 6.7 per cent, Vietnam’s 5.5 per cent, Indonesia’s 4.9 per cent, Malaysia’s 4.2 per cent, Thailand’s 3.2 per cent, and Singapore’s 1.8 per cent economic growth in the quarter.

    Luisito Abueg, economics professor from De La Salle University Manila, said many factors contributed to the Philippines’ growth.

    “GDP may have been record high, but we have to account for the increased consumption component due to elections spending. It has been documented that during election periods, consumption increases, and with more created temporary jobs, more income circulates in the market,” said Abueg.

    Abueg said credits should not only go to the Aquino administration. “Some underlying components of growth may have been realized today, but the work of previous administrations are just now bearing fruit – the so called ‘lagged effects’ in economics and statistics.

    “That is why it is important that we should always have continuity: to continue the good, and to correct the bad. Not just to change everything just for the sake of credit-grabbing, which is a usual problem in Philippine politics, affecting economic directions.”

    Recently, Robinsons Retail, Jollibee, 7-Eleven and other retail companies reported profit growth for Q1 2016 citing election-related spending among other factors.

    With the country’s population projected to have reached 102.6 million in the first quarter of 2016, per capita GDP grew by 5.2 per cent from 3.2 per cent in the same quarter of 2015. Per capita household spending grew by 5.3 per cent from last year’s growth of 4.3 per cent, reported the Philippine Statistics Authority.

    The PSA said main growth driver was the services sector, which accelerated to 7.9 per cent from 5.5 per cent, while industry grew 8.7 percent from 5.3 per cent last year.

    On the other hand, the agriculture sector declined by 4.4 per cent, the fourth consecutive quarterly decline, from a growth of 1 per cent in the first quarter of 2015.

    Lees ook:

  • Globe trials use of TV white space for broadband

    Globe trials use of TV white space for broadband

    The Philippines’ Globe Telecom has become the first operator in the nation to pilot using TV white space frequency for mobile broadband.

    The operator is collaborating with the ICT office of the Department of Science and Technology to trial use of the spectrum for broadband service delivery in multiple areas of the Philippines.

    Globe senior vice president for network technologies strategy Emmanuel Estrada said building additional cell sites to meet demand has proven to be a major challenge, with construction of a single site typically involving around 25 permits and at least 8 months of lead time.

    “We hope that making use of available spectrum would enhance bandwidth capacities and allow our network to transmit enormous amount of data at faster speeds,” he said.

    Estrada added that TV white space technology is also expected to help Globe roll out broadband to rural areas with low population density, where it is not economically viable to used fixed broadband technology.

    TV white spaces are the unused frequencies between UHF and VHF broadcast TV channels, located in the range of 54-MHz to 806-MHz. The long range and strong signal penetration of these frequencies make them well suited to telecoms services.

    Lees ook:

  • Robinsons Retail takes control of The Generics Pharmacy

    Robinsons Retail takes control of The Generics Pharmacy

    Robinsons Retail has acquired a 51 per cent controlling interest in The Generics Pharmacy (TGP), the Philippines’ largest and fastest growing generics drugstore chain.

    The acquisition of TGP’s over 1800 stores, combined with South Star Drug, will take the retail drugstore network of the group to nearly 2200 stores nationwide, more than Mercury Drugstore’s 1000+ network, making it the largest by store numbers.

    Robina Gokongwei‐Pe, president and COO of Robinsons Retail, said TGP strongly believes in its vision to offer quality products at very affordable prices and in convenient locations. “It is an honor to continue the company’s legacy and to further grow the business”.

    “As we profit from accomplishing this mission, we ensure our growth is shared among our franchisees, partners, suppliers and employees,” said Benjamin Liuson, founder and chairman of the board of TGP. “It is our hope to bring our business a step higher with our partnership with Robinsons Retail.”

    The Liuson family which founded TGP has been in the pharmaceutical business since 1959, initially as importer and wholesaler under the name Pacific Pharma. In 1983, Pacific Pharma shifted its focus to generic medicines after realizing the serious need of most Filipinos for quality medicine at affordable prices.

    In 2001, the Liuson family ventured into retail and set up The Generics Pharmacy (TGP). As demand grew, in 2007, TGP decided to bring affordable healthcare and medicines more accessible to far‐flung areas of the country through a franchising business model.

    Lees ook:

  • Globe urges govt to establish Department of ICT

    Globe urges govt to establish Department of ICT

    The Philippines’ Globe Telecom is encouraging the government to establish a new Department of ICT to help improve the state of local internet services and the nation’s digital readiness.

    Globe general counsel Froilan Castelo urged outgoing president Benigno Aquino to sign the bill that would create the new department before he leaves office next month.

    “The Philippines is in urgent need of an agency that will drive the country’s ICT development and help steer the country to realize its full potential as a digital economy where homes, businesses and individuals have access to fast and reliable data connectivity,” Castelo said.

    “We are hopeful that enhancing ICT development in the country by creating the DICT would enable more business organizations to work more efficiently, maximize productivity and contribute to sustaining the country’s economic growth.”

    Castelo said a policy framework for ICT development is sorely needed to help develop the nation’s internet infrastructure.

    Globe, for example, has faced regulatory hurdles inhibiting it from building more cell sites as part of its latest nationwide infrastructure program.

    The proposed bill would abolish the Information and Communications Technology Office, National Computer Center, National Computer Institute, Telecommunications Office, National Telecommunications Training Institute and all communications units of the current Department of Transportation and Communications.

    The functions of these departments would instead be taken up by the new DICT, which would also take responsibility for telecom regulator NTC, the National Privacy Commission and the Cybercrime Investigation and Coordination Center.

    Lees ook:

  • SSI Group profit dives

    SSI Group profit dives

    SSI Group saw its profit slashed by more than half – or 54.5 per cent – to P122 million (US$2.6 million) in the first quarter, from the same period a year ago.

    The Philippines’ largest specialty store retailer recorded a 7 per cent increase in revenues to P4.3 billion in the first quarter of 2016 – outperforming forecasts after the group added Mont Blanc to its brand portfolio and increased its network by 29 stores, SSI said.

    “SSI posted better-than-expected sales growth during the first quarter of the year as we leveraged on the strength of our brand portfolio and our store network,” said SSI president Anthony Huang.

    In the first quarter, SSI was operating 117 brands and 775 specialty stores covering more than 146,000 sqm, a 6 per cent year-on-year increase in the company’s retail footprint.

    “Through the rest of the year, we will continue to focus on top line growth and on maximizing the efficiencies of our store network,” said Huang.

    Lees ook:

  • Elections help boost Jollibee sales

    Elections help boost Jollibee sales

    Jollibee sales grew 14.8 per cent year-on-year to P34.4 billion (US$737.7 million) in the first quarter of 2016, with help from election-related spending and low inflation.

    The systemwide sales come from company-owned and franchised stores of Jollibee Foods Corp – the largest foodservice network in the Philippines.

    Jollibee Vietnam sales almost doubled, leading Southeast Asia and the Middle East 32.2 per cent growth in the same period.

    Jollibee China grew at a slower rate of 1.9 per cent as Yonghe King, JFC’s biggest brand in China faced pressure from recovering competing brands.

    JFC attributes the strong same store sales growth to election-related consumer spending and low inflation rate in the country that averaged 1 per cent in the first quarter, which made consumer products more affordable with rising household income.

    JFC says its sales were also boosted by continuous product improvement, new products, marketing campaigns and improved restaurant design.

    Meanwhile, the foreign business reported a 10.5 per cent growth in systemwide sales for the quarter versus the same period a year ago. The US business grew by 17.4 per cent year-on-year.

    As of March 31 2016, JFC was operating 2493 outlets in the country and 650 store abroad.

    Lees ook:

    Lees ook:

    Lees ook:

  • iQor Philippines on Pace for Record Expansion in 2016

    iQor Philippines on Pace for Record Expansion in 2016

    iQor, a global provider of integrated customer and product support services, today announced that the company has embarked on a significant expansion initiative that will add over 175,000 square feet of additional contact center space across the Philippines. Upon completion, the company will add an additional 3,150 high-tech training and production workstations.

    “The Philippines is a tremendous market for us. As one of the first movers, we’ve continued to invest in the region and have been able to continue to raise the bar in performance,” says Gary Praznik, iQor’s COO, Retail and Consumer Services. “Our growth can be traced directly back to the hard work and dedication of our entire Philippines family.”

    “Recognition of who we are and what we offer is really resonating with clients, employees, their family and friends,” adds Saurabh Bhaskar, iQor SVP of Operations, Philippines. “One of the most attractive opportunities within our company is our customer service leadership training. Recently, iQor was recognized by HR.com as having the top Call Center Leadership Training Program for 2016. Joining iQor means you have direct access to the best Call Center Leadership Training in the industry. For those interested in Customer Interactions such as customer care, social media support and collections, there is no better place to work and improve your career.”

    iQor opened its Philippines Operation in 2005. Recent expansion sites include; SM Mall Clark (2016), Robinsons Mall Dasmarinas (2015) and SM Mall Dasmarinas (2014). Today, iQor Philippines has over 12,000 employees across the region supporting a variety of customer interactions including; customer care, social media, collections and technical support. iQor Product Support Services division has helped expand relationships into the world’s top consumer electronics, retail and telecom companies.

    There has never been a better time to join iQor!

     

    Lees ook:

    Lees ook:

  • Elections boost 7-Eleven Philippines profit

    Elections boost 7-Eleven Philippines profit

    7-Eleven Philippines stores register first-quarter sales growth on the back of election-related buying.

    Retail sales of all stores went up by 33.5 per cent to P7.3 billion (US$405 million) from P5.5 billion a year ago. This was driven by opening of new stores and increase in same store sales, which was largely attributed to election-related spending.

    Philippine Seven saw its net income up 61.6 per cent year-over-year to P182.4 million during the first quarter.

    The local licensee of 7-Eleven Convenience Stores said its improved financial performance was within expectation as the company’s profits are historically favorable during election season.

    Philippine Seven opened 55 new stores and closed two to end the quarter with 1655 stores. The company now has 1421 7-Eleven stores in Luzon, 189 in Visayas and 45 in Mindanao.

    It is set to attain another milestone this year in terms of total number of stores and profitability.

    The company said, while competition is likely to be more intense, Philippine Seven is the most capable to strengthen its position in the convenience store sector. It aims to capitalise on its first-mover advantage and intends to benefit from the capacity-building expenditures over the last three years.

    For 2016, the company plans to increase its capital expenditures budget to P3.5 billion to support its store expansion strategy.

    Lees ook:

    Lees ook: