Fastfood giant Jollibee Foods Corp. (JFC) is fasttracking its branch expansion this year amid robust local consumer spending and good market reception abroad.
JFC will spend P5.5 billion (USD135.1 million) this year to put up 300 new stores across all its brands here and abroad, its top executive said.
“We are planning to open about 300 stores. Last year was about 200,” JFC chairman and CEO Tony Tan Caktiong said on Monday.
The faster pace of expansion will be supported by higher capital spending. Half of the new stores will be put up through franchising.
The listed fastfood giant ended last year with more than 2,000 stores across all brands in the Philippines. As of end-September, the company was operating 2,040 stores in the Philippines: 765 for Jollibee, 383 for Chowking, 201 for Greenwich, 209 for Red Ribbon, 457 for Mang Inasal and 25 for Burger King.
(Source: philstar.com)