Jollibee Foods is on a roll with its expansion plans, and the number of its restaurants is expected to exceed 10,000 this year as the company embarks on a franchising strategy in North America to accelerate its growth.
As of last year, Jollibee Foods already had an impressive 9,766 stores worldwide, including its flagship Jollibee chicken chain. This year, the company plans to invest between ₱18 billion and ₱21 billion ($312 million to $364 million) to open between 700 and 800 new stores, bringing the total to over 10,000.
“We’re not yet present in all 50 states in the US. We’re only in about 15 states,” said Richard Shin, the company’s finance director, referring to their North American expansion strategy.
The Jollibee chain opened its first store in North America in Daly City, California, back in 1998. By the end of 2024, the company had 103 stores across the US and Canada. In addition, Jollibee has 266 North American restaurants under different brands.
To accelerate its expansion, Jollibee will soon be franchising its brand in the US. “Our growth model, once again, is shifting towards a franchise model,” said Shin, adding that Jollibee sees a lot of opportunities in the North American market, where Kentucky Fried Chicken has 8,000 stores.
“You can imagine the growth potential for a brand like Jollibee,” he said, “a brand that has consistently been voted by consumers as the best-tasting chicken brand for two consecutive years, 2023 and 2024.”
For its leading chicken chain, Jollibee’s expected expansion goal is to have 350 stores across the US and Canada in the coming years. The company’s net income in 2024 grew by 17.7% to ₱10.3 billion, mainly due to store expansion and some acquisitions.
Jollibee is expecting growth of between 8% and 12% this year, while store network growth is projected to reach up to 8%.
The food giant has been actively acquiring various brands, including the Korean Compose Coffee chain in August. Jollibee now fully owns the Hong Kong-based Tim Ho Wan restaurant chain and has acquired Taiwan’s healthy soup brand, Moon Moon. Chinese fast-food chain Yonghe King, American brands Smashburger and The Coffee Bean & Tea Leaf also fall under Jollibee’s portfolio.
Source: Nikkei Asia
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