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30 foreign, local experts to grace 3-day Franchise Asia PHL virtual forum
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7-Eleven starts vaccine rollout
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Despite pandemic, 7-Eleven opening at least 200 more stores this 2021
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Published April 19, 2021, 5:00 AM
Philippine Seven Corporation (PSC), the local licensee of 7-Eleven Convenience Stores in the country, incurred a net loss of P419.7 million in 2020, a 129 percent reversal from the P1.44 billion it earned in 2019.
In a disclosure to the Philippine Stock Exchange, the firm said “The pandemic adversely affected sales as lockdown restrictions were imposed under different classifications of community quarantine.”
The sales of 7-Eleven stores in the office and school clusters were the most affected.
“We are not out of the woods, by any stretch. Our financial performance has been abysmal, and when our profit and growth numbers will return depend on not just the pandemic and how the Philippines navigates it’s end, but on how quickly our online and offline pivots take root, if at all,” said PSC President Jose Victor Paterno.
Published March 5, 2021, 3:11 PM
Philippine Seven Corporation (PSC), the exclusive licensor of 7-Eleven in the Philippines, in alliance with Pito AxM Platform, Inc. (PAPI), a Philippine subsidiary of Seven Bank, Ltd. of Japan (Seven Bank), began installing cash recycling ATMs which accept cash deposits via high-speed bill readers and then dispense those same bills for withdrawals, in select 7-Eleven stores in Metro Manila this February.
In a statement, the company said that more than 30 ATMs are operational to-date and a total of 320 units will be live by June. This partnership shall constitute the largest cash-recycling ATM network in the country.
“Cash-recycling ATMs are standard in Japan, because it reduces the need to deliver cash and provides a reliable and convenient experience for receiving deposits. There are few of them in the Philippines, because they are considerably more expensive than withdrawal-only ATMs. Seven Bank’s model of allowing several banks to share