In a disclosure to the Philippine Stock Exchange, Phil-Seven said the purchase consists of the leasehold rights and store assets, including building and/or improvements, equipment and fixtures excluding the merchandise inventory in Bingo’s network of 39 stores mainly concentrated in Metro Manila.
The agreement was signed by Phil-Seven chairman Vicente Paterno and William Tan Untiong for Jollimart.
Bingo was originally owned by fast-food giant Jollibee Foods Corp., until it sold its 60-percent stake to retail magnate Henry Sy of the SM Group of Companies in 1999.
Phil-Seven, meanwhile, is majority controlled by Taiwanese holding firm President Chain Store Corp. (PCSC) since 2000 following the effectivity of the Retail Trade Liberalization Act allowing foreign companies to invest in the country’s retail business. Like Phil-Seven, PCSC is the exclusive licensee of the 7-Eleven franchise in Taiwan.
Phil-Seven said the purchase is in line with its efforts to further strengthen its dominant foothold in the industry.The convenience store concept in the Philippines was pioneered in 1984 by Phil-Seven.
Convenience stores mix the characteristics of the traditional sari-sari stores with a wider line-up of products in a supermarket-like atmosphere – well lit, air-conditioned and strategically located. They are usually open 24 hours a day, seven days a week. Another unique feature in the stores is the promotion of self-service on fast-food items.
After Phil-Seven, other players have since joined the fray, among them the Mercury Drug Superstores of the pharmaceutical giant, the Japan-based Mini-Stop chain of the Robinsons group, the Uniwide group’s I-mart stores, and Easy Mart. – Zinnia dela Peña