Fashion
The Philippines-headquartered restaurant group Jollibee Foods plans to have 10,000 eateries globally this year, with a focus on North America.
The company, known for its fried chicken Jollibee chain, eyes to invest PHP18-21 billion (US$312-364 million) to open up to 800 new stores this year.
Last year it had 9,766 outlets.
“We’re not in all 50 states [in the U.S.]. We’re in only maybe 15 states,” Richard Shin, the company’s chief financial and risk officer, told reporters on Tuesday, as reported by Nikkei Asia.
Jollibee launched its first U.S. location in California in 1998, and expanded its presence in the country and Canada to 103 by the end of last year. It also has 266 stores under other brands in North America.
The company plans to use the franchising model to launch more regional stores.
In 2024, Jollibee’s net profit rose 17.7% to PHP10.3 billion, driven by double-digit revenue growth from new stores and acquisitions. The company forecasts 8% to 12% growth in system-wide sales for 2025 – covering both company-owned and franchised locations – and targets up to 8% growth in its store network.
Jollibee has also pursued an aggressive acquisition strategy, recently purchasing South Korea’s Compose Coffee, fully acquiring Hong Kong’s Tim Ho Wan, and adding Taiwan’s Moon Moon to its portfolio.
It also holds stakes in China’s Yonghe King and U.S. brands Smashburger and The Coffee Bean & Tea Leaf.
