Jollibee Foods Corp., the largest fastfood chain in the country, is set to open 300 new stores this year as it aims to continue expanding operations in the Philippines and abroad, its chairman said over the weekend.
Jollibee chairman Tony Tan Caktiong told reporters his company would add 150 new stores in the country and another 150 in parts of the US, Middle East and China.
“Still we are expanding in the Philippines, as we all know the Philippines is now booming. In terms of future expansion, we are still focused on the Philippines, China and Vietnam, US, the usual markets. We are bullish on the economy. We expect a double-digit growth in our income,” Caktiong said.
Jollibee as of March 2012 was operating 2,004 stores in the Philippines and 509 stores overseas, including China, the United States, Vietnam, Brunei, Jeddah, Hong Kong, Qatar, Kuwait, Dubai and Indonesia.
Jollibee also owns food chains Greenwich, Red Ribbon, Mang Inasal, Burger King and Chowking. The Jollibee group owns several restaurants in China, including Yonghe King, Hong Zhuang Yuan, Ping Wang and Chow Fun.
Jollibee earlier reported first-quarter net income grew 8.2 percent to P682 million from P631 million a year ago, boosted by strong sales from domestic and overseas stores.
A wholly-owned subsidiary, Golden Plate Pte. Ltd., signed an agreement with Beeworks Inc. to put up a new company that would own and operate Jollibee stores in Singapore with an initial funding of $1 million.Beeworks is owned by Singaporean businessmen with extensive presence in the retail and hospitality sector.
Golden Plate will have 60 percent of the joint venture while Beeworks will hold the balance of 40 percent under the agreement.
Jollibee said Golden Plate would have full management control of the joint venture while leveraging on Beework’s experience, reputation and network to establish the Jollibee brand in Singapore.-Manila Standard Today (June 18, 2012)
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