- 7-Eleven operator launched a new pilot program
- Those who enroll in the new program can operate a 7-Eleven for less than a million
- While the risk and investment will be decreased, the return will also be lower
MANILA, Philippines – Ever dreamed of owning a 7-Eleven?
Philippine Seven Corp. (PSC), the corporation that owns and operates the 7-Eleven brand in the country, recently announced the launch of a pilot program where franchisees pay less than P1 million to operate a store.
The P1 million price tag is far lower than the P3.5 million regular franchising fee.
According to PSC president Jose Victor Paterno, they launched the program in order to attract more interested investors — especially the ones who work hard but don’t have the capital to start their own business.
“In the Philippines, the people with money don’t want to work; the people who are willing to work, they don’t always have the money. We have the money. We want the people who are willing to work. We’ll attract people who are really passionate about operating stores and who are willing to be there everyday. We’ll invest in everything else,” he told the Philippine Daily Inquirer. “When we lower the investment, we want more applicants and we want to choose the best.”
At the same time, Paterno said the risk-reward ratio will differ as franchisees “won’t lose money but won’t make a lot”.
For his part, PSC chairman Jose Pardo said the company hopes the program will help it achieve its goal to have 2,000 stores operating in the country.
“We believe that this sector will remain crowded and competition more intense, but we shall capitalize on our first-mover advantage and economies of scale, to maintain our dominant position in the market,” he said.
There are currently 1,760 7-Eleven stores operating nationwide, with 57 percent being operated by franchisees.