MANILA, June 29 (PNA) — Listed Max’s Group Inc., the country’s leading casual dining operator, is on track to open 80 to 90 new stores in 2015, as it takes advantage of the improving spending climate ahead of next year’s elections.
Max’s Group has allotted Php500 million in capital expenditures this year to roll out 80 new stores in the Philippines and nine stores overseas across its brands.
“Yes, store openings are on track. We’re in line with the schedule given to us by the developers and the landlords,” Max’s president and chief executive officer Robert Trota told reporters after the company’s stockholders’ meeting on Monday.
Trota noted that of the target 80 to 90 new stores, almost 20 outlets have already opened while a bulk of these will start operations by the third quarter.
“They all want to hit the Christmas break so almost all the mall developers are turning over in the third quarter,” he said.
Max’s chief financial officer Dave Fuentebella said the new stores that will be opened in the latter part of the year are located in Metro Manila, northern and southern Luzon, Visayas and Mindanao.
“With the approaching elections, that should bode well for all consumer products and all consumer businesses, including ourselves, because there is more spending out there…,” he said.
Max’s, formerly Pancake House Inc., owns and operates 14 restaurant brands including Max’s Restaurant, Yellow Cab, Pancake House, Krispy Kreme, Jamba Juice, Max’s Corner Bakery, Teriyaki Boy, Dencio’s, Meranti, Le Coeur De France, Maple, Kabisera, Singkit and Sizzlin’ Steak.
As of end-2014, the group’s store network reached 540 outlets, including 28 overseas. (PNA)