24 Nov Jollibee looks to launch more stores in China
JOLLIBEE Foods Corp. (JFC) is planning to launch at least 33 more stores in mainland China by December through its Tim Ho Wan, Yonghe King, and Hong Zhuang Yuan brands.
In a statement on Wednesday, the company said it is expecting revenue growth driven by its expansion efforts in the country. It has so far opened 80 stores under the three brands this year.
“The expansion efforts of these brands will play a huge and important role in generating revenue and strengthening the Jollibee Group’s growth, especially since China is one of the company’s four pillar markets,” JFC President and Chief Executive Officer Ernesto Tanmantiong said.
The company earmarked a record P12.2 billion for its capital expenditures this year. It had planned to concentrate its expansion in Asian countries such as China, as JFC works on its goal to be one of the top five restaurant firms in the world.
Tim Ho Wan now has six stores across Shanghai after launching its first branch in China in September last year. Its stores are located in popular commercial centers, including in MixC Shopping Mall in Minghang District, Sun Palace in Hongkou District, and Cifi Tower in Putuo District.
JFC aims to “aggressively grow.” Tim Ho Wan in mainland China from six to 100 restaurant outlets in the next five years.
Meanwhile, Yonghe King launched 62 new stores in 2021, bringing its store count to 383 across China. It aims to have 1,000 stores in the next five years.
Yonghe King recently launched its first two stores in the Shaanxi Province via Xi’an City. It is also slated to launch its first store in the Hainan province, while 23 more Yoonghe King stores are expected to open by December.
Hong Zhuang Yuan now has 44 stores in Beijing after launching its first mall-based store in Xiyue Sky Street in Southwest Beijing.
JFC said Hong Zhuan Yuan is now looking to launch stores in Beijing’s top 10 shopping malls as well as in other malls outside the city, in an attempt to have 60 stores by the end of this year.
Jollibee shares went up by 1.39% or P3.40 on Monday to close at P248 apiece. — Keren Concepcion G. Valmonte