(Source: BusinessMirror | January 4, 2016)
The international chain of 7-Eleven convenience stores would complete the construction of all its franchise stores here after making its presence first felt in the city last year.
There would be a total of 70 stores to operate in the city. Construction of the stores is expected to be completed by the middle of the year, said Ivan C. Cortes, chief of the City Investment Promotions Center.
Thirty-four of them have already opened and are receiving favorable local patronage with incomes averaging P32,000 daily per store, he said.
Cortes said the 7-Eleven stores did not take over or buy out a local chain of convenient stores. It has expanded to other towns and cities in and around the Davao region.
He said the entry of the 7-Eleven chain would not saturate the market, although the popularity of the new entrant would create some impact for some chains already operating in the area. He said the city has remained “very attractive to investors, and we would expect not only the foreign investors to come in, but also local investors.”
He said consumer spending, like those cornered by shopping malls, department stores and convenient stores, would be expected to spike by the first semester of this year “because this is election year.”
Elections are generally known to be a period when the country would be flooded with money coming from politicians. “Expect big growth in consumer spending and domestic regional growth,” he said.
The entry of 7-Eleven would only be one among the newcomers to the city, but he said, investment would still be robust in housing and retail.
The city business bureau would expect 34,711 business establishments to renew their permits on the first quarter.