Jollibee aims to expand its presence across 30 cities in the US
Homegrown fast-food behemoth Jollibee Foods Corp. (JFC) is eyeing expansion across 30 cities in the United States for its flagship Jollibee brand. According to Richard Shin, JFC’s CFO, the company has pinpointed these cities based on data utilized by other major quick-service restaurants (QSRs) like KFC and Popeyes.
“We’ve identified these 30 cities based on various factors, including where we currently have stores and where there’s untapped potential. These locations have shown the highest propensity for spending in our segment, indicating a strong demand for QSR dining,” Shin explained.
Currently, Jollibee operates 100 stores in North America, spanning across 14 states in the US and 28 stores in Canada, all of which are company-owned. Shin emphasized the significance of California in their expansion strategy, given its importance in the QSR segment.
“While our presence is notable in 14 states, our goal is to extend into new territories where we haven’t yet established a foothold,” Shin stated.
JFC has ambitious plans to reach 500 Jollibee stores in North America within the next five to seven years. Shin highlighted the importance of transitioning from solely company-owned stores to also operating as franchisors to achieve this target.
“Our ability to attract potential franchisees in these key cities will be crucial for exponential growth. This shift, coupled with offering a menu tailored to American tastes and ensuring superior economics for franchisees, will pave the way for our expansion,” Shin elaborated.
Additionally, JFC plans to bolster its expansion efforts with robust delivery and off-premise services to reach consumers beyond traditional store locations.
Beyond its endeavors in North America, JFC remains one of the largest players in the Asian food service industry, boasting 18 brands across 33 countries. As of February, the company’s global network comprised 6,902 stores, with a significant presence both domestically and internationally.
In a recent stock exchange filing, JFC disclosed a capital commitment of S$90 million in Titan Dining II LP through its subsidiary Jollibee Worldwide Pte. Ltd. This investment aims to introduce a JFC-owned brand to a new geographic market, further diversifying its portfolio.
Business News: Jollibee aims to expand its presence across 30 cities in the US
