SHAKEY’S PIZZA Asia Ventures, Inc. (SPAVI) disclosed on Thursday plans to open 20 stores in 2018, banking on the positive sentiment of consumers and urbanization of areas outside Metro Manila.
The listed full-service restaurant said in a statement on Thursday this expansion program will brings its total store network in the country to 228 by the end of 2018.
“We will continue to take advantage of the positive consumer sentiment in the Philippines and hope to open even more stores, including those outside the typical first tier cities,” SPAVI President and Chief Executive Officer Vicente L. Gregorio was quoted as saying in a statement.
SPAVI managed to open 24 stores last year, exceeding its initial target of 20 for 2017. The company entered Iligan, Puerto Princesa, Antique, Gapan, and Palo, Leyte, among others, in line with growing urbanization in these areas.
“It has been a banner year for Shakey’s — our maiden year as a public listed company — as this is the fastest we’ve grown in terms of store network. We have a strong belief in our brand and our strategy, and are keeping pace with the accelerating growth of our economy,” Mr. Gregorio said.
Aside from opening more stores, SPAVI has also committed to launch redesigned interiors for its newer branches, as well as introducing new products.
Overseas, SPAVI also holds the perpetual rights for the Shakey’s brand in the Middle East, Asia ex-Japan and Malaysia, China, Australia, and Oceania. In 2017, the company signed a deal to put up at least 10 stores in Kuwait, as well as 10 stores in the United Arab Emirates in the next five years.
By 2022, the company is aiming to have a network of 500 stores in the Philippines and abroad.
SPAVI grew its attributable profit by 18% in the first nine months of 2017 to P503 million, from the P423 million it generated in the same period a year ago. This comes on the back of a 17% increase in revenues to P4.99 billion. The company also noted same-store sales grew by 6% during the period, allowing it to post a 15% jump in systemwide sales.
SPAVI shares lost 12 centavos or 0.87% to finish Thursday’s trading session at the Philippine Stock Exchange at P13.68 apiece. — Arra B. Francia