Jollibee plans 100 new local outlets this year
By Zinnia B. Dela Peña
The Philippine Star 02/13/2006
The Jollibee Group of Companies, the largest fastfood chain in the country, is continuing its expansion with 100 new local stores planned for this year.
Jollibee chairman and chief executive officer Tony Tan Caktiong said half of the new stores that will be opened this year may be given to franchises.
Each store costs around P10 million to P15 million, Tan Caktiong said.
As for its overseas expansion, Tan Caktiong said the fastfood group will build a store in New Jersey, USA possibly in the third quarter.
Tan Caktiong said the group is aggressively looking at India to take advantage of growth opportunities in Asia’s third-largest economy.
The group can either buy an existing local brand in India or bring one of its five brands, most probably Chow King since Indians prefer Chinese food when eating out.
The Jollibee Group has been expanding its business through acquisition and store expansion of existing businesses. In October 2005, Jollibee acquired 100 percent of Red Ribbon Bakeshop for P1.8 billion. In March 2004, it acquired 85 percent of the Yonghe King business in the People’s Republic of China for $11.5 million.
At the end of last year, the group opened a total of 118 stores worldwide: Jollibee 39, Chowking – its Chinese fastfood chain (31); Greenwich – its pizza and pasta outlet, 18; and its bakery unit Delifrance, seven.
In the People’s Republic of China, the group opened 17 Yonghe King restaurants and in other parts of the world, six.
Aside from the US and China, the Jollibee Group also has operations in Indonesia, Vietnam and Hong Kong.
Jollibee had formed a new subsidiary, Jollibee Worldwide Pte., to serve as the group’s regional operating headquarters in the Philippines. It will house the group’s shared services.
Industry experts are estimating that in five years the revenues generated from Jollibee’s Yonghe King business would equal that of its local operations if the economic and demographic prospects are considered.
By Zinnia B. Dela Peña
The Philippine Star 02/13/2006
The Jollibee Group of Companies, the largest fastfood chain in the country, is continuing its expansion with 100 new local stores planned for this year.
Jollibee chairman and chief executive officer Tony Tan Caktiong said half of the new stores that will be opened this year may be given to franchises.
Each store costs around P10 million to P15 million, Tan Caktiong said.
As for its overseas expansion, Tan Caktiong said the fastfood group will build a store in New Jersey, USA possibly in the third quarter.
Tan Caktiong said the group is aggressively looking at India to take advantage of growth opportunities in Asia’s third-largest economy.
The group can either buy an existing local brand in India or bring one of its five brands, most probably Chow King since Indians prefer Chinese food when eating out.
The Jollibee Group has been expanding its business through acquisition and store expansion of existing businesses. In October 2005, Jollibee acquired 100 percent of Red Ribbon Bakeshop for P1.8 billion. In March 2004, it acquired 85 percent of the Yonghe King business in the People’s Republic of China for $11.5 million.
At the end of last year, the group opened a total of 118 stores worldwide: Jollibee 39, Chowking – its Chinese fastfood chain (31); Greenwich – its pizza and pasta outlet, 18; and its bakery unit Delifrance, seven.
In the People’s Republic of China, the group opened 17 Yonghe King restaurants and in other parts of the world, six.
Aside from the US and China, the Jollibee Group also has operations in Indonesia, Vietnam and Hong Kong.
Jollibee had formed a new subsidiary, Jollibee Worldwide Pte., to serve as the group’s regional operating headquarters in the Philippines. It will house the group’s shared services.
Industry experts are estimating that in five years the revenues generated from Jollibee’s Yonghe King business would equal that of its local operations if the economic and demographic prospects are considered.
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