Shakey’s Pizza Asia Ventures Inc., the Philippines’ leading chain of full-service restaurants, said Tuesday it will resume network expansion with the rollout of 30 stores this year.
Shakey’s said in a disclosure to the stock exchange it would open 15 Shakey’s and 15 Peri-Peri Charcoal Chicken outlets to end the year with 309 stores.
“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. For Peri, there are still a number of unserved markets which don’t have access to the brand’s great-tasting products,” Shakey’s president and chief executive Vicente Gregorio said.
The company ended 2020 with 245 Shakey’s restaurants, three of which were located overseas and 34 Peri outlets all located in the Philippines.
It also launched new offerings in select outlets including the ability for guests to eat outdoors, and order R&B milk tea—one of the leading milk tea brands in Singapore.
“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. 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,” Gregorio said.
The group also plans to open smaller store formats with reduced investment requirements relative to its traditional brick-and-mortar stores.
This ensures payback periods are kept short and return on capital remains high. It is also looking to build locations that have both the Shakey’s and Peri brands to maximize its existing asset base.
Gregorio said that aside from store expansion, the company also planned to introduce business innovations to maximize existing asset base.
“2021 will definitely be an exciting ‘bounce-back’ year,” he said.
Shakey’s earlier concluded a franchising agreement that will allow it to make inroads in Singapore. By the second half of 2021, it targets to open a new store at the Lucky Plaza mall, along iconic Orchard Road, in a seven-year deal with Singapore’s Brenrich Pte. Ltd.