HOMEGROWN fast food giant Jollibee Foods Corp. (JFC) on Friday said it is looking at breaking into the European market “hopefully” by next year to cater to the overseas Filipino workers (OFW) in that continent.
JFC, ranked the 9th biggest quick service restaurant chain in the world, is about to open its Chicago, Illinois branch within the month.
In an interview after the company’s stockholders’ meeting, JFC founder and chairman Tony Tan Caktiong said JFC seeks to cater to the OFW market in Europe.
“Although our thrust is to focus on the Philippines, China and the US [markets], we also want to cater to our OFWs in Europe. We want to go to Milan [Italy], and perhaps to London later on,” Tan Caktiong said, adding that “this July we are about to open our Jollibee in Chicago, Illinois.”
Ysmael Baysa, JFC’s chief finance officer, said that JFC has yet to penetrate the European market. “Hopefully next year we would be able to do that,” Baysa said.
For the year, JFC is also looking at opening Jollibee fast food outlets in Jacksonville, Florida and in upscale Manhattan, New York City.
“We continue to expand both locally and internationally, which is in line with our vision to achieve a 50-50 ratio of revenue of international versus Philippines… but it doesn’t mean that we’re slowing down in the Philippines; we just have to grow faster,” said Ernesto Tanmantiong, JFC chief executive officer.
JFC has earmarked P10.4 billion in capital spending this year, more than double the P4.7 billion actual spending in 2015. Of this amount, P7.5 billion will be spent for new stores and renovation of existing stores while the remaining P2.5 million has been earmarked for the expansion of its commissaries in the Visayas and Mindanao.
For the year, Jollibee intends to open 200 additional stores domestically after adding 249 outlets in 2015.
JFC operates the largest food service network in the Philippines with 2,493 outlets under the Jollibee, Chowking, Greenwich, Red Ribbon, Mang Inasal and Burger King brands.
“We are also continually on the lookout for possible acquisition opportunities. We want to acquire growing businesses. But so far, there is nothing in the horizon yet,” said Tan Caktiong.
JFC operates some 650 stores overseas.
“For the next five to seven years, we want to be the world’s 5th biggest quick service restaurant chain in the world,” Baysa said.