TAIPEI (Taiwan News) — President Chain Store Corporation (PSTC) said it plans to invest NT$2.8 billion (US$91 million) to open 450 additional 7-Eleven stores in the Philippines this year, CNA reported on Sunday. 

Since 2023, the company has added around 350 stores annually in the Philippines. By last year, it operated 4,130 stores, holding more than 80% of the local convenience store market.

PSTC parent company Uni-President Enterprises Corporation Chair Alex Lo (羅智先) said the company plans to open more than 10,000 7-Elevens in the Philippines. He said the stores will focus on product sales, unlike those in Taiwan, which offer more services.

The Philippines presents a strong market opportunity with a population of 100 million and one convenience store for every 18,000 people. The company said its expansion plan will prioritize Mindanao and Visayas, with additional stores in Luzon.

To cater to Filipinos' affinity for fast food, the company introduced 7-Eleven's CQSR format, combining CVS (convenience stores) and QSR (quick service restaurants). It also installed ATMs in nearly 3,500 stores, serving more than 14 million people monthly.

As of last year, the company opened nine CQSR stores in the country, with each store’s sales surpassing the national average by 70%. It is set to continue expanding its CQSR network this year.

Due to the COVID-19 pandemic, 7-Eleven stores in the Philippines experienced a revenue decline to approximately NT$25.9 billion in 2020. However, revenue reached nearly NT$44 billion in 2023, with last year’s revenue expected to surpass NT$40 billion.

The company acquired management rights to Philippine Seven Corporation in 2000 and now holds a 55.32% stake.