Jollibee Foods plans to expand in domestic, overseas markets
Philippines-based Fastfood giant Jollibee Foods is planning to expand its presence domestically and…Philippines-based Fastfood giant Jollibee Foods is planning to expand its presence domestically and internationally.
The proposed development is part of the company's strategy to boost its revenues. In China, JFC plans to open 500 new stores until the second half of 2014.
Jollibee Foods chief financial officer Ysmael Baysa told visayandailystar that the company is planning to open at least 100 stores in Philippines in 2013.
"We have more stores opening in the second half of the year...We plan to open at least a hundred stores in the Philippines this year located in the different parts of the country," Baysa added.
"About a hundred (will be set-up) also abroad, most of that will be in China and also in Vietnam, the Middle East and the United States.
"We are almost 400 (stores) now. Our profit in the first quarter of 2013 rose 33 percent and a big part of that came from improvement in China. That improvement in China profitability is continuing," Baysa added.
Further, the retailer is also looking to expand in Indonesia and Indian markets.
"In Myanmar, we have not really started looking at it yet. But there are a lot of interested parties convincing us to move into Myanmar," Baysa concluded.
In 2012, the company opened 223 new stores worldwide.
