Jollibee Foods Corporation (JFC) has set its sights on growing its presence internationally – particularly in the US and China – as well as in the domestic market, to cement its position in the global fast-food industry.
The company shared its plans to expand its store network by seven to eight per cent by launching 700 to 750 owned and franchised local and international outlets before the end of the year.
In the US, the company plans to increase its store count to 500 in the next five years, focusing on 30 cities with high disposable incomes. Jollibee currently has 100 stores in North America, with branches in 14 states. Its North American network consists of 72 company-owned stores in the US and 28 stores in Canada.
Meanwhile, JFC plans to quadruple its store network in China within the same time frame. Currently operating more than 300 stores under three brands – Yonghe King, Tim Ho Wan and Hong Zhuang Yuan – the company aims to penetrate the Chinese market deeper by expanding into tier-3, tier-4 and possibly tier-5 cities.
In the Philippines, JFC has set a target to open more than 100 stores this year. “Around the new stores, globally, I think it’s a similar split. We always think about 80 per cent international and 20 per cent in the Philippines. The 80-20 rule seems to work well for these 700 stores,” JFC CFO Richard Shin explained.
