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 this new venture?
Which companies are involved in this new venture?
Yum is collaborating with China Petrochemical Corporation (Sinopec) and China National Petroleum Corporation (CNPC) to open franchised KFC restaurants in Chinese gas stations.
Q.Where are the first two franchised KFC gas station restaurants located?
Where are the first two franchised KFC gas station restaurants located?
The first CNPC gas station KFC is in Yunnan Province. The first Sinopec gas station KFC is set to open in Liaoning Province next week.
Q.What is the goal for opening more stores under this partnership?
What is the goal for opening more stores under this partnership?
Yum China aims to open more than 100 stores within the next three years. This partnership expands their retail network into an underserved market segment.
Q.Why is this a significant partnership for Yum China?
Why is this a significant partnership for Yum China?
Sinopec and CNPC collectively operate over 50,000 Chinese gas stations, enabling Yum China to expand significantly into a new market segment.
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