Phoenix Petroleum Philippines Inc, through its wholly-owned subsidiary Philippine FamilyMart CVS Inc, announced that it is in negotiation to acquire the assets of convenience store chain Circle K in the country. Circle K in the Philippines is operated by Super 8 Retail Systems, the consumer retail arm of wholesale distributor Suy Sing Corp.
According to Phoenix Petroleum, the acquisition will see the conversion of the former Circle K sites to FamilyMart stores and the launch of FamilyMart stores at Phoenix retail stations in order to expand FamilyMart’s presence and establish its position as a destination for food and ready-to-eat meals..
In 2017, Phoenix Petroleum acquired the FamilyMart brand to take advantage of its existing retail network expertise, supply chain and support services to further expand its business. FamilyMart subsequently launched its Generation 2 stores which brought larger kitchens, dining areas, and more expansive food offerings as its major innovations.
(Sources: Phoenix Petroleum; The Philippine Star)