Subway has officially entered the Mongolian market, opening its first store in Ulaanbaatar today.
The sandwich retailer has signed a master franchise agreement with Juulchin, a subsidiary of Tavan Bogd Group. This agreement aims to establish about 50 Subway shops in Mongolia over the next decade.
“Asia-Pacific is an important region for our international expansion efforts, with untapped markets and increasing consumer demand for Subway,” said John Chidsey, Subway CEO. “The potential for growth is substantial.”
“As the demand for quick-service restaurants (QSR) increases in Mongolia, so does the desire among young Mongolian consumers for choices that align with a more balanced diet,” said Tsagaach Baatarsaikhan, Tavan Bogd Group president and CEO.
Subway has opened nearly 1,000 restaurants in the past three years and is actively seeking partners to expand its outlets by 25% over the next five years.