Shakey’s sets aside P1 billion for store expansion plan

MANILA, Philippines — Shakey’s Pizza Asia Ventures Inc. (SPAVI) plans to continue its aggressive store network expansion across all its brands this year while pursuing opportunities to bolster its international presence.

SPAVI president and chief executive officer Vicente Gregorio said the group plans to spend around P1 billion to support its expansion activities this year.

“One (store) a day is safe to say. We’re growing that fast,” Gregorio said, adding that “we’re growing, so we generate enough cash to fund our expansion and capex internally.”

SPAVI is a leading player in the casual dining and food service industry.  Its portfolio includes market-leading pizza chain Shakey’s, top food kiosk chain Potato Corner, and brands such as Peri-Peri Charcoal Chicken and Sauce Bar, R&B Milk Tea and Project Pie.

The group has expanded to over 2,500 stores in 2024, with Shakey’s nearing the 300-store mark.

“All of these brands still have room for growth. We’re growing all of these brands that we have in our portfolio. We’ve been growing more aggressively in 2022 and 2023 than we were, even on a per-brand basis, before the pandemic. This trend continues. There’s a runway for all these brands we have in the portfolio,” Gregorio said.

He said that while the group focuses on growing the brands in its portfolio, the company remains open to potential acquisitions.

“With the current portfolio, we’re pleased to say we have our hands full. But having said that, we remain open to any opportunity,” Gregorio said.

Aside from opening more stores in the country, Gregorio said that SPAVI is also looking to beef up its international presence by bringing all its brands abroad.

He said that about 20 percent of its network of 2,500 stores is international.

“We’ve been very busy and active internationally expanding, but mainly because of the new brand we acquired during the pandemic, Potato Corner. This brand was already in 12 or 13 markets when we acquired it. But through the last couple of years, we’ve invested more in the organization,” Gregorio said.

“For all our brands, future international expansion is definitely an avenue we’ve been looking at and studying, and we already have a dedicated team of people based internationally who will be focusing on expanding the brand portfolio,” he said.

Over the years, SPAVI has demonstrated a strong track record, delivering consistent double-digit revenue and profit growth.

Gregorio said that the company aims to sustain its positive momentum this year.

“Right now, we believe this year will be better than last year. We’re counting that this year will be less of a challenge than the previous year,” he said.