Jollibee plans expansion
Upbeat on strong local consumer spending and good overseas growth prospects, Filipino fast food giant Jollibee will open 300 new outlets locally and abroad.
Jollibee says it will earmark US$135 million (5.5 billion pesos) to support its expansion plans. Half of the planned outlets are to be operated through franchises.
The fast food giant is looking at increasing its presence in China as well as entering Indonesia. It says Indonesia’s huge population makes it a potential market for foreign companies.
“We are looking at China. We are looking at expanding there. We would also like to (establish) a Jollibee in Indonesia,” said Jollibee Foods Corporation (JFC) chairman and CEO Tan Caktiong said.
The company also eyes India and Myanmar.
JFC has an overseas network of 541 outlets consist of 288 Yonghe King, 52 Hong Zhuang Yuan, 39 San Pin Wang, 32 Red Ribbon, 87 Jollibee, 40 Chowking and three Chow Fun.
The company’s earnings rose 20.4 per cent to 2.47 billion pesos (US$61 million) in the nine months to September.