SHAKEY’S PIZZA Asia Ventures, Inc. (SPAVI) is set to open its first store in Singapore after signing a seven-year franchising agreement with Brenrich Pte. Ltd.
In a disclosure to the stock exchange on Tuesday, SPAVI said the new branch will be located in Lucky Plaza mall along Orchard Road.
The restaurant is projected to open around the end of the second quarter or early third quarter of 2021.
According to the disclosure, the first branch in Singapore will offer Shakey’s entire menu, including its thin crust pizzas, iconic chicken, and mojos.
However, SPAVI said some food items will be modified to meet halal standards in consideration of Singapore’s large Muslim population.
“While the coronavirus disease 2019 (COVID-19) pandemic is presenting challenges to food companies like Shakey’s, it is also serving as an impetus to turn a crisis into an opportunity,” SPAVI President and Chief Executive Officer Vicente L. Gregorio said.
Jose Arnold T. Alvero, SPAVI vice-president for international operations and franchising, said the company’s primary target market for the branch will be Filipinos in the city-state, but adding that he expects it to attract Singaporeans due to its location.
“We have no doubt that Singapore’s discerning guests will be wowed with what Shakey’s brings to the table in terms of building the brand, people, and the store,” Mr. Alvero said.
Moving forward, Mr. Gregorio said the company has established its medium- and long-term priorities to thrive in a post-COVID-19 scenario.
“This includes strengthening our presence in our primary market, the Philippines, but also opportunistically expanding into other key international locations through strong partnerships with experienced and guest-centric operating partners,” Mr. Gregorio said.
During the third quarter of 2020, the company posted a net loss of P171.95 million, a turnaround from the P161.81-million profit it had during the similar period in 2019.
Its revenues fell 48% to P1.06 billion due to limited dine-in services at its stores as a result of the pandemic.
On Tuesday, shares in SPAVI at the stock exchange rose 0.53% or four centavos to end at P7.60 apiece. — Revin Mikhael D. Ochave
