Jollibee Foods Corp. (JFC), the Philippines’ renowned fast-food giant, is gearing up for an extensive expansion across the United States through franchising, as it sets its sights on new territories to bolster its global presence.
Richard Shin, the Chief Financial Officer of JFC, revealed that the company is actively screening potential franchise partners across several states in the US. This initiative aims to capitalize on the immense potential and demand for Jollibee’s offerings in both existing and untapped markets.
The recent inauguration of its inaugural branch in Detroit, Michigan, marks a significant milestone for Jollibee, officially extending its reach to its 14th US state since embarking on an aggressive expansion drive in the region.
Shin emphasized the vast growth opportunities in the US market, highlighting the company’s comparatively modest presence and the ample room for further expansion. He emphasized the potential for accelerated growth, underlining the robust demand for Jollibee’s offerings in the region.
JFC’s expansion strategy revolves around rapidly scaling its global footprint through franchising. Shin disclosed that the company envisions franchising to account for over 80% of all new stores in North America from 2025 onwards, reflecting its commitment to leveraging this model for growth.
While JFC maintains a significant franchised presence in the Philippines, particularly with brands like Mang Inasal, Shin noted that the franchising mix in the country is unlikely to witness a substantial shift. Currently, two-thirds of JFC’s operations in the Philippines are franchised, a figure that remains relatively stable.
Jollibee’s recent foray into Canada, marked by the opening of its 100th store in North America, aligns with the company’s aggressive expansion blueprint. In line with its growth trajectory, JFC aims to inaugurate up to 750 owned and franchised stores this year, with capital expenditures estimated between P20 billion to P23 billion.
As of 2023, JFC boasts a global network of 6,885 stores, comprising 3,339 outlets in the Philippines and 3,546 overseas. Its footprint spans various regions, including 567 stores in China, 389 in North America, and 337 in EMEA. Notable brands under its umbrella include Jollibee, CBTL, Highlands Coffee, Chowking, and Mang Inasal, each contributing to its extensive global presence.