MANILA, Philippines - Japanese convenience store chain FamilyMart is set to start franchising in the Philippines in October as it aims to hit 500 stores in the country by 2018.
“We will start franchising by October and we will announce the franchise program to the public on September 23,” Philippine FamilyMart CVS Inc. general manager Eduardo Paredes Jr. said yesterday.
He said the convenience store chain has decided to open for franchising to expand its footprint in the country.
“As a new business, the best way to expand is through franchising. If you tap business people, you can grow faster,” he said.
FamilyMart Co. Ltd. chairman and chief executive officer Junji Ueda said franchising is being undertaken by the convenience store chain even in other countries.
Paredes said the convenience store chain is looking to have 90 to 100 operational stores by December this year.
At present, there are over 50 FamilyMart stores spread across strategic locations in Mega Manila.
While FamilyMart has yet to formally launch the franchise program, Paredes said the company is already getting inquiries from interested parties.
He said individuals interested in having a FamilyMart franchise will need to meet certain requirements.
“They (interested individuals) can apply by contacting our office, by sending a letter or email. If they have a site, we will evaluate that and we will be conducting some interviews. We are also open to prospective franchisees that have no site yet,” he said.
Any interested entrepreneur who is at least 25 years old and a college graduate, capable of funding the investment through personal capacity or financing from a banking institution, is welcome to join FamilyMart.
Depending on the size of the store, an investment in a FamilyMart franchise would range from P4 million to P8 million.