7-Eleven rules: Lucio Co unloads Lawson convenience stores
Retailer Puregold Price Club Inc. has announced the sale of its entire stake in PG Lawson, bowing out of this highly competitive sector after almost four years.
In a statement, Puregold said it accepted the offer of its joint venture partner, Lawson Japan, to buy its 70 percent interest or 4.9 million shares in the Philippine joint venture, PG Lawson. The PG Lawson business accounts for less than 10 percent of Puregold’s portfolio.
Puregold said the divestment would ” enable Puregold to rebalance its risks portfolio in the grocery retail sector and focus its resources in the further development and strengthening of the Puregold brand.”
Lucio Co’s exit from the convenience store business follows the Ayala and Tantoco group’s divestment of their c-business
Paterno-led Philippine Seven Corp., the local licensee of 7-Eleven stores, remains the leader in the c-sector, boasting over 2,285 stores as of the end of 2017.