MANILA, Philippines — As the economy slowly reopens, Shakey’s Pizza Asia Ventures Inc. is resuming expansion plans put on hold last year because of quarantines to control the coronavirus pandemic.
In a disclosure to the stock exchange on Tuesday, the listed full-service restaurant chain of the Po family announced to open 15 new Shakey’s restaurants this year. Another fifteen Peri-Peri Charcoal Chicken outlets would also be constructed.
Once built, new stores would add to the company’s 245 existing Shakey’s restaurants, three of which are located abroad, and 34 Peri-Peri branches as of 2020.
“For Shakey’s, we are looking to further strengthen the brand’s visibility and awareness, especially in underpenetrated second and third-tier cities outside of Metro Manila,” Vicente Gregorio, president and chief executive, said.
“For Peri, there are still a number of unserved markets which don’t have access to the brand’s great-tasting products,” Gregorio added.
Like several restaurants, Shakey’s was not spared from the impact of coronavirus lockdowns last year that smashed consumer confidence, shuttered businesses and usurped profits that banked on the young Filipino workers’ propensity to consume.
The disruptions were so bad that the pizza chain had to cut capital expenditure and defer store openings slated last year. Shakey’s Pizza is yet to disclose its financial performance for all of 2020, but year-to-date losses were expected to have been moderated by a return to profits in the last quarter.
Officially, Shakey’s registered a net loss of P462 million in the first 9 months of 2020, swinging from P550.4 million net income posted in the same period the previous year.
To adapt to the new normal, Gregorio said Shakey’s would launch a number of so-called “ghost kitchens” or kitchen extensions “to further strengthen our presence in delivery.”
The company would also open smaller stores that require smaller capital than their existing brick-and-mortar establishments. It was unclear if these establishments would form part of the 30 outlets planned for 2021.
“With evolving consumer habits brought about by the pandemic, our network expansion strategy has likewise adapted to ensure we maximize both our in-store and out-of-store presence,” Gregorio said.
“Our new openings this year will cater not only to our guests’ dine-in preference, but also their increasing need for more convenient and flexible out-of-store options,” he added.
On Tuesday, shares in Shakey’s closed down 0.67% to P7.44 each.
#realestateblogph | #realestateblogphpropertynews | #REBPH | #realestate | #Shakeys | #retailstore | #retail
Article and Photo originally posted by Philippine Star last February 23, 2021 3:12pm and written by Ian Nicolas Cigaral.
About Post Author
More Stories
Lamudi’s Property Fair Opens in Metro Manila May 3, Heads to Cebu in August
PHL to attract int’l real estate investors, occupiers — Cushman & Wakefield
Expansions, upgrades fuel Manila office market