FIGARO Coffee Group, Inc. in a disclosure on Wednesday said that it will reach its target of having 150 branches open nationwide by the end of 2022.
“The gradual reopening of the economy gave us the confidence to aggressively expand our presence in more areas in the country. We at Figaro want to be able to cater to new markets that have high demand for quality food products at affordable prices,” Figaro Chairman Justin T. Liu said.
The firm said it is in the process of building 30 outlets in Bulacan, Cavite, Cebu and Laguna, and in more areas in the National Capital Region.
Figaro currently has 120 outlets across the country, which comprise of its brands Angel’s Pizza, Figaro Coffee and Tien Ma’s Taiwanese Cuisine, among others.
“There is a lot of demand in Metro Manila, but we also see a huge potential and a growing area outside the city center. The Philippines is a market that is primed up for growth and we are excited to bring value to a wider audience in our nation,” Figaro Chief Operations Officer Michael T. Barret said.
The company said it is also building more commissaries across the country to support its stores. Its Cebu commissary and main Metro Manila hub are set to be completed in the third quarter of this year.
“Aside from expanding its footprint in the country, Figaro is looking to further grow its suite of products, lining up partnerships with retail giants for 2022,” the firm said.
Figaro has an upcoming collaboration with Waltermart involving two of its brands, Figaro Coffee and Tien Ma’s Taiwanese Cuisine through a dual concept store.
Angel’s Pizza is also set to open more kiosks and branches across Metro Manila.
“People want something new, people want something fun, something affordable. Our main goal really is basically to delight our customers. We do that by ensuring that we deliver high-quality products with good customer service. We understand that by continuing this strategy we will maintain long-term viability,” Mr. Liu added.
At the stock exchange on Wednesday, Figaro shares rose by 1.92% or one centavo to close at P0.53. — Luisa Maria Jacinta C. Jocson