LISTED Shakey’s Pizza Asia Ventures, Inc. (SPAVI) on Thursday said it is on track to meet its targeted expansions, after halting its plans when the health crisis blew up last year.

“We are targeting to open 30 new stores for the year — 15 Shakey’s and 15 Peri-Peri — and are on track to meet this target as we have already opened 11 net new stores as at end May 2021,” Vicente L. Gregorio, president and chief executive officer of SPAVI, said during the company’s virtual stockholders meeting on Thursday.

“We pivoted our store expansion plan to maximize existing assets, designing our new stores to be multi-branded and in smaller store formats,” he added.

SPAVI also opened “ghost” kitchens, which were said to be cost-efficient, to cater to its “31 minutes — If it’s Late, It’s Free” program. Its standalone store formats were also used for its “Park & Order” service.

It also continued to “beef up” its menu with plant-based UnMeat offerings via “chicken” nuggets and burgers. It plans to launch more of these products in the future.

“The SPAVI team will remain very vigilant and continue to ensure that we manage fiscal resources we’ve been very disciplined in that area and we will continue to be quick and agile to take advantage of the opportunities and adapt,” Mr. Gregorio said.

The company began serving Singapore brand R&B Milk Tea, which is now available in 133 pizza stores and Peri-Peri outlets.

It recently inked a P1.26-billion deal with JE Holdings, Inc., which gives the Gokongwei-led firm a nine percent stake or 152,439,025 common shares in SPAVI. It said the deal is a “strong vote of confidence” for its business, its team, and its brands.

On Thursday, SPAVI shares at the stock exchange went up by 0.25% or two centavos to close at eight pesos each. — Keren Concepcion G. Valmonte