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Po family-led restaurant group Shakey’s Pizza Asia Ventures Inc. (SPAVI) expects to allot at least ₱1 billion for capital expenditures (capex) this year as it aims to open an average of one store a day and beef up its presence in Visayas and Mindanao.
In a press briefing, SPAVI President Vicente Gregorio said that “last year we spent around ₱1 billion and this year we will not be spending less than that although we still have not come out with our guidance for 2025.”
He noted that capex for the expansion of the company’s various brands will be internally funded from the cash flow generated by its businesses. As of the third quarter of 2024, SPAVI spent about ₱900 million.
For store openings, Gregorio said that “definitely, one a day is safe to say. We’re growing that fast” adding that Potato Corner will have the most store openings although all brands are growing more aggressively. In 2024, SPAVI targeted the opening of 450 stores across all brands.
Currently, SPAVI has almost 300 Shakey’s stores out of its 2,483-store network for all of its brands—Shakey’s, Peri-Peri Charcoal Chicken, R&B Milk Tea, Potato Corner, and Project Pie.
Gregorio said the vast majority of Shakey’s stores are still in Metro Manila, followed by north and south Luzon, while it is still “underrepresented” in Visayas and Mindanao.
“What we’re seeing, it’s still a big opportunity to grow in Visayas and Mindanao and even outside of Metro Manila, in the provinces up north as well,” he said, adding that, “what’s good is that when we enter virgin territories, we have very successful openings.”
Thus, Gregorio said that given the success of their opening branches in new areas, “We intend that a majority of our store openings will happen outside of Metro Manila, of which a bigger part of that is down south.”
He noted that in new areas, “They welcome us. We become the first legitimate casual dining experience in these cities after the fast food comes… so we see that there is really big growth outside of Metro Manila.”
However, he said the firm is not discounting Metro Manila since there are still opportunities to find “great locations that can also further enhance our network and our delivery capabilities.”
While having spent the past years strengthening its business in Metro Manila, particularly the delivery service, Gregorio said, “Now it’s time to expand and we’re building our capability on finding sites, on finding good franchise partners to help us at least work with the local communities.”
Shakey’s is looking at the opening of 20 new stores this year, with half of these to be company-owned, while the other will be franchised outlets. Last year, Shakey’s also added 20.
“That’s where the growth will be coming from in the next couple of years. Remember, the economy is not yet in the best shape. We believe the potential or growth is for long term.
“We’re like a perfect match for those who want better than fast food but lower price than fine dining, so we’re right there. Once the economy improves, that’s where we see a big upside,” said Gregorio.
