Jollibee Foods Corp. is scaling up capital spending this year by more than a fifth to P12.2 billion to add 450 new stores to its global network.
Most of the new outlets will be overseas — North America (50), China (70), Europe, Middle East and Africa (45). The group is spending P7.5 billion for the continued expansion of its businesses abroad.
Of the 450, 15 Coffee Bean and Tea Leaf and 180 Superfoods stores will open this year.
The Superfoods Group, which is now controlled by JFC, owns and operates the brands Highlands Coffee and Pho 24. It is a franchisee of Hard Rock Cafe in Vietnam, Macau and Hong Kong.
JFC plans to to open more than 100 outlets of Highlands Coffee this year, mostly in Vietnam, to take advantage of strong consumer demand.
“We aim for very strong sales and profit recovery in 2021 versus 2020. In 2021 and the years ahead, JFC’s sales and profit growth will be driven by its international business. We believe that out of this pandemic, we will emerge as a stronger business and organization,” said CEO Ernesto Tanmantiong.
The group also expects Smashburger and CBTL to start generating profit this year.
As of end-December last year, JFC had a total of 5,824 operating stores under the brands Jollibee, Chowking, Greewich, Red Ribbon, Mang Inasal, Burger King, PHO24, Panda Express, Yonghe King , Hong Zhuang Yuan, Dunkin’ Donuts (3 in China), Tim Ho Wan, Smashburger and CBTL.