Food & Beverage
McDonald's Holdings Co. (Japan) is accelerating the closures of outlets to cope with its deteriorating earnings traced to its loss of customer trust.
The company is planning to shut 190 restaurants in the nation, including large outlets in urban areas, by the end of January.
McDonald's appears to be the sole loser in the current Japanese market, with some rivals seeking to open outlets at the locations of closed McDonald's restaurants.
McDonald's is reaching out to investors about selling a part of the fast-food company's stake in its Japanese arm for about JPY100 billion yen (USD826.2 million), the Nikkei business daily reported, without citing sources.
A McDonald's executive recently traveled to Japan to talk with five or so potential buyers, including trading houses and investment funds, about selling 15-33 percent of McDonald's (Japan) outstanding shares, the newspaper said.
KFC is expected to open its first restaurant in Tibet next year, as parent Yum Brands Inc looks to expand in the Chinese market and shake off a series of food scares and marketing blunders that have severely dented its sales in the country.
A franchisee will open the KFC restaurant, known for its American-style fried chicken, in the Tibetan capital, Lhasa, in the first half of 2016, Yum said in a statement.
A Swiss retailing giant has set an ambitious target for food and cosmetics sales in the Japanese market, where Switzerland has a generally positive image, and is shooting for a 10-fold increase by the end of the decade.
David Chalk, managing director of M-Industry Japan K.K., the Japanese unit of a supplier from the Migros group, one of Switzerland's biggest retailers and supermarket chains, says Japanese sales of Swiss food are expected to reach JPY200 million (USD1.67 million) this year.
PepsiCo said on Monday it is working with a licensing partner to market a line of mobile phones and accessories in China in the next few months.
The food and beverage company however has no plans to get into the mobile phone manufacturing business, a PepsiCo spokeswoman said by email.
"Available in China only, this effort is similar to recent globally licensed Pepsi products which include apparel and accessories," the spokeswoman said. The spokeswoman did not name the licensing partner or give any further details about the phone.
KFC parent Yum Brands stock plunged on Tuesday after it missed Wall Street's earnings and revenue estimates. A key China metric also disappointed.
Yum Brands last dropped 18 percent in after-hours trade. This represents a decline of USD6.3 billion in value if the stock were to open at the same level, or slightly more than the market cap of a Dunkin' Brands and Shake Shack combined.
Major US companies including Walmart, Starbucks and Nike vowed Wednesday to move completely to renewable energy in the long term as part of a global effort against climate change.
The non-profit Climate Group announced the latest additions to its campaign during a week of events in New York that aim to build momentum for a global agreement to fight climate change.
Consumer goods giants Johnson & Johnson and Procter & Gamble, and investment banking titan Goldman Sachs also joined the year-old effort.
US restaurant chain Buffalo Wild Wings is on an expansion mode. The casual-dining chain, known for its sports-viewing atmosphere and chicken wings, plans to open 400 restaurants in international locations in the next 10 years, and Asia is one of its top focus regions. Sally Smith, CEO&President of Buffalo Wild Wings tells Retail in Asia the challenges she anticipates in Asia and why the company chooses a franchising model to expand in the region.
RIA: Buffalo Wild Wings opened its first restaurant in Asia in 2015. Why did you choose the Philippines?
Krispy Kreme has signed a development agreement with Doughnut Group Pte. Limited, to open 10 Krispy Kreme shops in Myanmar over the next five years, the US doughnut chain said on Tuesday.
Krispy Kreme is one of only a small number of western restaurant brands that have announced intentions to open in Myanmar. Dan Beem, Krispy Kreme’s Senior Vice President and President – International, said with a growing economy and a population eager to welcome global brands, the time is right for Krispy Kreme to bring its sweet treats to Myanmar.
Domino's will offer customers the option of paying extra to have pizza delivered to their door within 15 minutes in an innovative attempt to steal customers from drive-through fast food outlets.
The company said on Tuesday it would use it driver-tracking technology to know when it could offer a guaranteed 15-minute delivery for an extra AUD5 or 20-minute delivery for AUD3.