PHILIPPINE SEVEN Corp., holder of the local 7-Eleven franchise, recently launched a partnership with Chevron Philippines, Inc. by opening up the first 7-Eleven store within a Caltex station in Makati branch. Chevron is the owner of the Caltex oil brand. By the end of the year, 21 7-Eleven convenience stores will be operational in Caltex retail stations in Metro Manila, eventually phasing out the Star Mart brand.
Vicente T. Paterno, Philippine Seven president, said the company will earmark around P600 million for capital spending next year, most of which would be used for retail network expansion. About P400 million of the total budget for next year would be spent on the opening up of 120 new stores.
With this development, the popular Star Marts in Cagayan de Oro located in Caltex Gusa and beside Philtown Hotel will soon become 7-Eleven Stores. Star Marts are favorite hangouts for yuppies in Cagayan de Oro with live band and other activities and are open 24 hours.
with article from BusinessWorld