FIGARO Coffee Group, Inc. (FCG) is planning to expand its stores outside of Metro Manila by opening stores in “strategic” areas in the country, the coffee shop and restaurant operator said on Monday.
“As restrictions are coming down and the pandemic is easing, the company is seeing a healthy rebound in consumer spending, especially in eating out. We look forward to meeting our customers where they are and opening outlets in strategic locations close to them,” FCG Chairman Justin T. Liu said in a statement.
Early this year, Figaro opened another branch in Cebu along V. Rama St., for a total of three stores in the southern city.
“To speed up deliveries and reach our customers faster, we are still looking to further strengthen our presence in Cebu through expansion in areas surrounding Cebu City and its outskirts as well,” FCG Chief Operating Officer Michael T. Barret said.
Mr. Barret pointed to a potential market in Cagayan de Oro, Bacolod, Tarlac, Bulacan, and Iloilo, where Figaro opened its second branch in Tagbak, Iloilo City.
“We believe that the brand has successfully established its regular clientele and delighted customers have been telling their friends and families about it so everyone is looking forward to trying the products in their local areas” Mr. Barret said.
In the statement, FGC said it is boosting its position in the dine-in and take-out segment “to capture the strong foot traffic due to loosening of restrictions” after increasing its sales delivery last year.
The company currently has over a hundred stores in its network, composed of 56 Figaro Coffee cafes, 41 Angel’s Pizza stores, six Tien Ma’s restaurants, seven The Figaro Group Express outlets, and one Café Portofino outlet.
Most of FCG’s Figaro Coffee and Tien Ma’s branches are now seeing stronger dine-in traffic while delivery is still going strong, it said.
“Many customers are accustomed to the convenience of delivery so this segment will never go away. We seek to bring a positive dine-in experience as well for all our brands, which will well complement delivery revenues. We are also in strategic discussions with select lessors and malls to potentially locate our brands,” Mr. Barret said.
Figaro said it is set to open stores in Metro Manila, Batangas, and Bacolod, among others.
In the fourth quarter of 2021, attributable net income doubled to P107.24 million from P53.47 million in the similar period a year prior.
For full-year 2021, attributable net income grew 133% to P179.62 million from nearly P76 million in 2020.
At the stock exchange on Monday, Figaro shares dropped 8.47% or P0.05 to close at P0.54 each. — Luisa Maria Jacinta C. Jocson
