First franchised KFCs open in Chinese gas stations
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Yum has announced the opening of its first franchised restaurants in Chinese gas stations, in collaboration with China Petrochemical Corporation (Sinopec) and China National Petroleum Corporation (CNPC).
The first franchised KFC restaurant has been launched in a CNPC gas station in Yunnan Province while the first one in a Sinopec gas station is set to open its doors, Liaoning Province, next week.
“The first franchised gas station restaurants represent an important milestone in our long-term strategic partnership with both companies,” said Joey Wat, CEO of Yum China. “Together with Sinopec and CNPC, we are committed to building a successful business model and creating innovation-driven growth together.”
The partnership with Sinopec and CNPC will enable Yum China to expand its retail network into a previously underserved segment of the market as both companies collectively operate more than 50,000 Chinese gas stations.
With the partnership, Yum China aims to open more than 100 stores in the next three years and create more opportunities to collaborate in other fields.
Questions & Answers
Q.Which companies are involved in the new KFC franchising initiative in Chinese gas stations?
Which companies are involved in the new KFC franchising initiative in Chinese gas stations?
Yum is collaborating with China Petrochemical Corporation (Sinopec) and China National Petroleum Corporation (CNPC) on this initiative. They are opening the first franchised KFC restaurants within these companies' gas station networks.
Q.Where are the first franchised KFC gas station restaurants located?
Where are the first franchised KFC gas station restaurants located?
The first franchised KFC has opened in a CNPC gas station in Yunnan Province. Another is set to open next week in a Sinopec gas station in Liaoning Province.
Q.What are Yum China's expansion plans for this partnership over the next few years?
What are Yum China's expansion plans for this partnership over the next few years?
Yum China aims to open more than 100 stores through this partnership in the next three years. They also plan to create further opportunities for collaboration in other fields.
Q.How many gas stations do Sinopec and CNPC operate collectively across China?
How many gas stations do Sinopec and CNPC operate collectively across China?
Sinopec and CNPC collectively operate more than 50,000 Chinese gas stations. This provides Yum China with access to a previously underserved market segment for its retail network expansion.
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