MANILA, Philippines - FamilyMart will start franchising its convenience stores by the end of the year, as it seeks to hasten its expansion in the Philippines.
FamilyMart operates in the Philippines under SIAL CVS Retailers, a joint venture owned by Tantoco-led specialty store retailer SSI Group and Ayala Land.
Anton Huang, president of Philippine FamilyMart (PFM) and SSI Group, franchising would speed up the roll out of convenience stores in the country, as well as offer business opportunities for entrepreneurs.
"We will provide all out support to ensure that their business is properly run. We want them to succeed because their success is ours as well," he said.
However, Huang said details for a franchise are still being worked out.
FamilyMart, which was established in Japan in the 1970s, is the world's second largest convenience store chain with more than 22,000 branches worldwide.
The first FamilyMart store was opened in Glorietta 3 in April 2013. It opened 31 stores in 2013, and aims to end 2014 with 90 to 100 stores.
"From a virtually unknown brand, FamilyMart has now become a recognizable brand that has ushered in a new convenience store lifestyle," Huang said.
SSI Group is seeking to raise as much as P12.4 billion in an IPO. SSI Group retails 103 international brands in 655 stores located in 68 malls throughout the country.