EconomyEditor's PickShakey’s exceeds store expansion goal for 2021

November 17, 2021

SHAKEY’s Pizza Asia Ventures, Inc. has exceeded its goal of launching 30 new stores for the year after opening its 31st store, which is a stand-alone Shakey’s Pizza outlet in Sorsogon City.

In a statement on Wednesday, the company said its newest branch in the Bicol region also marks its 310th outlet.

“Shakey’s, with its strong balance sheet and healthy cash generation, is in a good position to accelerate our store expansion program. We are fully prepared to accommodate the resurgence of the Filipino consumer,” said Vicente L. Gregorio, president and chief executive officer of Shakey’s.

The company is “expanding its footprint outside of Metro Manila” through franchisees.

Shakey’s said it is ramping up its store expansion efforts as it prepares for the country’s reopening. All of its new stores are reportedly profitable.

It also recently launched its 48th Peri-Peri Charcoal Chicken store as well as the first independent R&B milk tea store in the country, which is said to be the “first drive-through milk tea store in the country.”

“We look forward to continuing on this road to recovery. We are expecting PIZZA to return to profitability by yearend, especially with the holiday season looking bright, and, if all goes well after the holidays, we hope to go on full throttle entering 2022,” Mr. Gregorio said.

Shakey’s shares at the stock exchange grew 2.76% or 25 centavos to close at P8.70 apiece on Wednesday. — Keren Concepcion G. Valmonte

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