Figaro spending P1 billion this year for group-wide store expansion

MANILA, Philippines — Figaro Coffee Group Inc. (FCG) is earmarking about P1 billion for capital expenditures this year to sustain its growth.

FCG chairman Justin Liu said of the almost P1 billion group-wide capex, at least P500 million would be spent for its store expansion.

Liu said the group plans to launch 70 to 80 stores this year across its brands.

“We will be still heavy in Luzon, but some in Visayas and Mindanao. Probably 50 percent will be in Luzon,” he said.

FCG, through subsidiary Figaro Coffee Systems Inc., operates and franchises a network of retail restaurants that include Figaro Coffee, Angel’s Pizza, Tien Ma’s and Café Portofino.

The group opened 67 new stores in 2023, 55 of which were in Luzon, nine in Visayas and three in Mindanao.

“I think we will still see double-digit growth for 2024 compared to 2023 because we have a lot of stores which are still under construction and we are still growing our store count,” Liu said.

For its Angel’s Pizza brand, Liu hopes to make it as the country’s number one pizza brand within the next five years.

“I would say number one in customer preference and also store count,” Liu said.

“It’s very difficult to say but hopefully within the next five years. It’s very challenging because our competitors of course are larger than us, heavier capitalized than us. It’s a very competitive market,” he said.

FCG operates 207 stores across all its brands, more than half or 128 of which are Angel’s Pizza outlets.