Figaro Set on Expansion Outside of Metro Manila

Figaro Coffee Group, Inc. (FCG) is looking to establish more stores in “strategic areas” outside of Metro Manila as mobility improves in light of a downtrend in COVID cases. The company’s Chief Operating Officer Michael Barret noted that there is a potential market in Cagayan de Oro, Bacolod, Tarlac, Bulacan, and Iloilo, which they hope to capitalize on.

“As restrictions are coming down and the pandemic is easing, the company is seeing a healthy rebound in consumer spending, especially in eating out. We look forward to meeting our customers where they are and opening outlets in strategic locations close to them,” explained Justin Liu, FCG Chairman.

Just this year, the coffee shop and restaurant operator opened its third branch in Cebu City located along V. Rama street. “To speed up deliveries and reach our customers faster, we are still looking to further strengthen our presence in Cebu through expansion in areas surrounding Cebu City and its outskirts as well,” said Barret. “We believe that the brand has successfully established its regular clientele and delighted customers have been telling their friends and families about it so everyone is looking forward to trying the products in their local areas.”

Following its increase in sales delivery over the past year, Figaro is now eyeing “to capture the strong foot traffic due to loosening of restrictions” in an effort to advance its position in the dine-in and take-out segment. FCG operates around 56 Figaro Coffee cafes, 41 Angel’s Pizza stores, 6 Tien Ma’s restaurants, 7 The Figaro Group Express outlets, and one Café Portofino outlet. Its Figaro Coffee and Tien Ma branches, in particular, have notably been reporting heightened dine-in traffic along with strong delivery.

“Many customers are accustomed to the convenience of delivery so this segment will never go away. We seek to bring a positive dine-in experience as well for all our brands, which will well complement delivery revenues,” Barret added. “We are also in strategic discussions with select lessors and malls to potentially locate our brands.”

FCG’s attributable net income during the fourth quarter of 2021 reached ₱107.24 million, double its ₱53.47 million in the similar period of 2020. Moreover, its attributable net income for the full year of 2021 rose to ₱179.62 million, accounting for a 133% increase compared to its ₱76 million the year prior. However, on Monday, Figaro’s shares at the stock exchange closed at ₱0.54 apiece after dropping 8.47% or ₱0.05.

Source: BusinessWorld