Shakey’s Pizza Asia Ventures Inc. (SPAVI), the franchise holder of Shakey's Pizza Restaurants in the Philippines, said Thursday it plans to open 20 new stores this year.
Giovanna Vera, SPAVI’s head of Investor Relations, said in a regulatory filing that the company intends to close 2018 with a network of 228 restaurants. SPAVI opened 24 new stores in 2017, after announcing earlier that it was targeting 20 new restaurants last year.
“It has been a banner year for Shakey’s - our maiden year as a publicly listed company – as this is the fastest we’ve grown in terms of store network," said.
“We will continue to take advantage of the positive consumer sentiment in the Philippines and hope to open even more stores, including those outside the typical first tier cities,” Vicente Gregorio, SPAVI president and CEO, said in the same filing.
He noted that 2017 was the company’s maiden year as a publicly listed company. As of 11:37 a.m., SPAVI shares were trading at Php13.80 per share, unchanged from Wednesday’s close.
In 2017, SPAVI opened a number of stores in provincial locations, including Iligan, Puerto Princesa, Antique, Gapan, and Palo in Leyte, taking advantage of urbanization in those areas.