SHAKEY’s Pizza Asia Ventures, Inc. has partnered up with Robinsons Bank Corp. for its first franchisee loan program with its aim of promoting entrepreneurship among Potato Corner franchisees.
The loan program will allow faster and more convenient access to funds for small- and medium-sized enterprises, which include Potato Corner franchisees.
Vicente L. Gregorio, president and chief executive officer of Shakey’s, said he is glad that the group can help franchisees, microbusinesses and small and medium enterprises.
“Our franchisees are the lifeblood of Potato Corner. Through the pandemic and back, they remained resilient and are now reaping the benefits of the reopening,” Mr. Gregorio added.
Shakey’s is a fast-casual restaurant that focuses on family casual dining. In 2022, it acquired Potato Corner, a food kiosk brand that is known for its flavored fries.
In the three months that ended September, Shakey’s net income stood at P590.94 million, turning around from a net loss of P31.79 million in the previous year.
The company’s topline rose to P6.5 billion during the quarter, up by 81.5% from P3.58 billion a year ago. Royalty and franchise fees went up by 37% to P271.99 million from P171.32 million in 2021.
In the third quarter, Potato Corner registered a same-store sales growth of 32% due to the improvement in foot traffic.
Third-quarter system-wide sales in Shakey’s likewise grew to P9.61 billion, almost two times last year’s P4.85 billion, which the company attributed to the dine-in resurgence and integration of Potato Corner’s operations.
In the third quarter, Potato Corner opened 71 new outlets and its first independent drive-thru store along E. Rodriguez Ave., Quezon City.
Shakey’s said that there will be more store openings in the last quarter of the year after it opened 35 new stores in Thailand, Singapore, China and Canada, among others, as of September.
“Potato Corner has come a long way … I am deeply grateful and humbled for the Shakey’s Group to be its new custodian, and I look forward to more growth and prosperity for the brand and for our franchisees,” said Mr. Gregorio.
At present, Potato Corner has more than 1,100 stores in the Philippines and is present in countries including Thailand, Singapore, China and Canada. — Justine Irish D. Tabile