05 December 2012
President Benigno S. Aquino III received the officials of Itochu Corporation of Japan led by Family Mart, Ltd. President and Chief Executive Officer Junji Ueda, as well as the top executives of Ayala Land, Inc. and Store Specialist Inc. in a courtesy call at Malacañan Palace.
Trade and Industry (DTI) Secretary Gregory Domingo also attended the courtesy call.
Itochu Corporation recently concluded a joint venture contract with Family Mart Co., Ltd. and SIAL CVS Retailers, Inc. (a joint venture firm between Ayala Group and Rustan Group) for the development and operation of Family Mart convenience stores in the country.
Family Mart currently operates 9,000 stores in Japan and 12,500 stores overseas for a total of 21,500 stores worldwide. The Philippines is the fourth country in Southeast Asia after Thailand, Vietnam and Indonesia where Family Mart stores have opened.
Family Mart is targeting to open 300 stores in the country in the first five years.