It may not come as a surprise that the biggest-selling product in all 7-Eleven stores nationwide is — water.
President and CEO of Philippine Seven Corp, Jose Victor Paterno confirmed in an interview in ANC’s The Boss that water still comes in first as part of the essentials people buy when they enter 7-Eleven.
Paterno also shared how game-changing products such as Magnum premium ice cream helped shape their marketing efforts. Magnum ice cream is sold for P50, twice the price of its competitors and yet, it is selling like hot cake across all stores.
It was a clear sign that people are now willing to spend more for premium items.
Paterno shares, “I think in the last 5 years, we’ve seen a trend towards premiumization. Before, we couldn’t sell a rice meal for over P50.” Now, rice meals at 7-Eleven are sold for as much as P120.
“There’s a move towards affluence, even if it’s just occasional,” he adds.
Paterno also attributes the BPO industry as one key growth driver. He explained that it only takes 3,000 individuals in a BPO area for them to approve opening a store while it takes 20,000 people in a “regular” location.
“They really overperform because they come down every break. Their breaks are short. It’s a stressful job they need to treat themselves,” he said.
To date, the company is set to achieve its target of operating 10,000 7-Eleven stores nationwide.