PHILIPPINE fast food giant Jollibee Foods Corp. (JFC) is targeting to expand its global network to 4,000 outlets within the year as it continues to diversify its portfolio in the quick service restaurant (QSR) business.
JFC said it is slated to open 350 new stores worldwide–250 in the Philippines and 100 overseas–for a capital expenditure of P14 billion.
Groundbreaking for these stores is targeted in the fourth quarter of 2017 at the earliest or in the first quarter of 2018, the company said.
“We are maybe focusing to be more aggressive in the opening of the Jollibee brand outside the Philippines,” JFC Chairman Tony Tan Caktiong told reporters following the company’s annual stockholders’ meeting held in Pasig City.
“Because, for example, we opened [recently]in Chicago, the line was like seven hours for like the first month every day, and then the last store we opened in Florida, it was also [a]very successful opening and it’s serving a lot of Filipinos and also the Filipinos are bringing their foreign friends so it’s a very good expansion,” he added.
Among JFC’s targeted areas overseas are Manhattan, New York; Toronto, Canada; Australia; and Guam.
Tan Caktiong also said JFC is eyeing to expand its footprint in Japan in 2019, but declined to give further details as the expansion project is still in the planning stage.
SuperFoods to list in Vietnam
JFC said SuperFoods, the company’s 60-percent subsidiary in Vietnam, is targeted to list on the Vietnam Stock Exchange in the next two years.
“We are targeting mid-2019. It’s July 2019, and we announced it will be listed in Vietnam,” Tan Caktiong said. Details have yet to be finalized.
Proceeds from the listing will be used primarily for further expansion, with Chief Finance Officer Ysmael Baysa noting the brand “is already growing very fast and because the industry in Vietnam has a lot of potential for growth.”
“So it’s really for further growth in Vietnam and as mentioned in the speech, we also intend to grow in other parts of the country,” Baysa said.
JFC is the leading quick service food chain in the Philippines. To date, it has 3,555 stores worldwide, with 12 brands in 17 countries.
Its brand portfolio includes flagship brand Jollibee, Chowking, Greenwich, Red Ribbon, Mang Inasal, Dunkin’ Donuts and Burger King in the Philippines. Overseas, JFC owns Yonghe King and Hong Zhuang Yuan in China and Smashburger in the United States.