Jollibee to open 90 stores in China
(SPOT.ph) Jollibee Foods Corporation (JFC) yesterday announced its plan to open 280 new stores, including 160 new branches in the Philippines, 90 outlets in China, and 30 stores in other countries, reports ABS-CBN News.
"China is growing very fast so we like to go [there] as much as we can," Tony Tan Caktiong told Businessworld. Tan Caktiong is the chair and chief executive of JFC. He added that Jollibee is targeting 50-50 revenue shares locally and abroad in the next three to five years, compared to the current 15-percent revenue share from businesses abroad.
According to the ABS-CBN report, the expansion will be supported by over P5 billion in funds. Despite net profits plunging 8.8 percent in the first half of the year due to inflation, Tan Caktiong remains optimistic. "We should be [growing this year by] 12-15 percent as long as there are no major inflation movements," he said.
Currently, JFC owns: 719 Jollibee stores, 403 Chowking restaurants, 219 Greenwich pizzerias, 216 Red Ribbon Bakeshops, three Caffe Ti-amo outlets and 360 Mang Inasal restaurants. JFC also has 407 stores abroad, including 278 in China. The company also took control of China-based restaurant chains like Yonghe King (2004) and Hongzhuangyuan (2007). Last year, JFC announced it holds a majority stake in Chinese fast-food noodle chain, San Pin Wang.