Connect with us

Hi, what are you looking for?

Economy

Shakey’s set to open first branch in Singapore

SHAKEY’S PIZZA Asia Ventures, Inc. (SPAVI) is set to open its first store in Singapore after signing a seven-year franchising agreement with Brenrich Pte. Ltd.

In a disclosure to the stock exchange on Tuesday, SPAVI said the new branch will be located in Lucky Plaza mall along Orchard Road.

The restaurant is projected to open around the end of the second quarter or early third quarter of 2021.

According to the disclosure, the first branch in Singapore will offer Shakey’s entire menu, including its thin crust pizzas, iconic chicken, and mojos.

However, SPAVI said some food items will be modified to meet halal standards in consideration of Singapore’s large Muslim population.

“While the coronavirus disease 2019 (COVID-19) pandemic is presenting challenges to food companies like Shakey’s, it is also serving as an impetus to turn a crisis into an opportunity,” SPAVI President and Chief Executive Officer Vicente L. Gregorio said.

Jose Arnold T. Alvero, SPAVI vice-president for international operations and franchising, said the company’s primary target market for the branch will be Filipinos in the city-state, but adding that he expects it to attract Singaporeans due to its location.

“We have no doubt that Singapore’s discerning guests will be wowed with what Shakey’s brings to the table in terms of building the brand, people, and the store,” Mr. Alvero said.

Moving forward, Mr. Gregorio said the company has established its medium- and long-term priorities to thrive in a post-COVID-19 scenario.

“This includes strengthening our presence in our primary market, the Philippines, but also opportunistically expanding into other key international locations through strong partnerships with experienced and guest-centric operating partners,” Mr. Gregorio said.

During the third quarter of 2020, the company posted a net loss of P171.95 million, a turnaround from the P161.81-million profit it had during the similar period in 2019.

Its revenues fell 48% to P1.06 billion due to limited dine-in services at its stores as a result of the pandemic.

On Tuesday, shares in SPAVI at the stock exchange rose 0.53% or four centavos to end at P7.60 apiece. — Revin Mikhael D. Ochave

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

Unemployment rate steadied in June, while job quality improved to its best in over a year, the Philippine Statistics Authority reported on Monday. Preliminary...

Economy

Follow us on Spotify BusinessWorld B-Side By Patricia B. Mirasol, Reporter speaking to Bernardo M. Villegas WITH EVERY CHANGE of administration comes the question of...

Economy

In line with the national government’s thrust to transform the Philippines through PPPs and collaboration between LGUs and the private sector, Iloilo City Mayor...

Economy

Click to enlarge. Click to enlarge.   Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience...

Economy

As the Aboitiz Group embarks on a Great Transformation towards becoming the first “techglomerate” in the country by 2025, the company’s power arm is...

Economy

Security Bank Corporation (PSE: SECB), one of the Philippines’ leading universal banks, has been serving retail, corporate, institutional, and MSME clients since it opened...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Investing

Instagram still holds the top spot for social media in terms of building brand reputation and expanding business potential. Every day, more and more...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.