Fastfood giant Jollibee Foods Corp. plans to increase its network to 4,000 stores worldwide in 2017 with acquisitions and store expansion to achieve growth and profitability.
Jollibee chairman Tony Tan Caktiong said during the annual stockholders’ meeting the group would open 350 stores this year, including 250 in the Philippines and 100 overseas.
“We will continue to aggressively pursue acquisitions and organic growth to accelerate growth and profitability,” Tan Caktiong said.
The group has earmarked a record P14.7 billion in capital expenditures for 2017 to finance rollout of new stores and expansion of its commissary both here and China.
Aside from store expansion, the consolidation of Superfoods Group under Jollibee’s operations starting in May is expected to help the company achieve the 4,000 store network target this year.
Jollibee in May increased its stake in Superfoods Group to 60 percent. Superfoods Group currently operates the brands Highlands Coffee and Pho 24, and is a franchisee of Hard Rock Café.
Superfoods over the next three years plans to open 485 stores by expanding its presence in Indonesia, Cambodia Korea and Australia.
“We aim to make Highlands Coffee and Pho24 to be dominant market leaders and truly national brands of Vietnam,” Tan Caktiong said.
He said these plans would help the company achieve its long term vision to become one of the top five quick service restaurants in the world in terms of market capitalization.
The fast-food giant is slated to open new Jollibee stores in New York and Toronto by the end 2017 or early 2018.
It is also exploring plans to put up Jollibee stores in Australia, Guam, Seoul and Japan.
Tan Caktiong said the company became interested in bring Jollibee brand after the Japanese government has allowed Filipino caregivers to work in Japan.