SHAKEY’s Pizza Asia Ventures, Inc. announced that it opened its first outlet in Lucky Plaza Mall along Orchard Road, Singapore.
The store was franchised to Brenrich Pte. Ltd, a food court operator in Singapore, under a seven-year franchise agreement forged in 2021.
“As we continue to scale up our store network, we hope that this will serve as a springboard for international growth,” Shakey’s President and Chief Executive Officer Vicente L. Gregorio said in a statement on Wednesday.
To date, Shakey’s has five international stores, four of which are in the United Arab Emirates (UAE).
Brenrich Director Wong Bang Ming said: “We are excited to finally be serving Shakey’s Pizza’s all-time family favorites here in Singapore. Guests have been in high anticipation since we announced the coming of Shakey’s.”
In 2021, Shakey’s began its store network expansion program, opening more than 30 stores nationwide and a store in the UAE. It implemented more “innovative store formats,” which includes ghost kitchens, smaller store models geared towards off-premise, multi-branded stores, and drive-thru concepts.
“The operating environment for the past two years has been tough. We had to make strategic pivots to turn the business around, but all the while, we kept our eyes on the prize — sustainable long-term growth,” said Mr. Gregorio.
At the stock exchange on Wednesday, Shakey’s shares rose by 2.65% or 21 centavos to P8.12 apiece. — Luisa Maria Jacinta C. Jocson