MANILA, Philippines- The Philippine Seven Corporation (PSC) has recently announced its simplest and most affordable franchising package that will allow entrepreneurs to franchise a 7-Eleven Store for only P300,000.
In the new scheme, entrepreneurs can now franchise mature corporate-owned stores for a very low minimal investment. Such move will allow the country’s leading convenience store operator to free up more resources to open more stores.
“We’re also looking at franchising out existing stores. We have a new franchise package which we’re testing and we’ll be rolling out this year with very low minimal investment,” PSC president Jose Victor Paterno explained during a press briefing at the sidelines of the PSC’s stockholders meeting on Friday, June 16.
“Basically, we want people who are willing to work in the stores..The idea is to get ex-employees, people who have managed QSRs (quick service restaurants), people with real skills but not much capital,” he added.
Last year, PSC offered a cheaper franchising package by lowering its usual investor package of around P3.5 million to just less than P1 million. The company’s latest franchise package of P300,000 would allow more entrepreneurs to be included in the Philippine 7-Eleven network.
Under the said scheme, the P300,000 franchise fee would serve as a deposit that prospective franchisees would eventually get back. Paterno explained that the deposit is just an assurance that the franchisee “won’t run away with the weekend sales”.
The new franchise package would allow the franchisee to run a corporate-owned store which has already operated for at least a year. PSC would cover charges on electricity and maintenance. However, the profit share of franchisees would be lower compared to other packages.
Currently, the PSC has converted 50 corporate-owned stores into franchises through the latest package.