Jollibee Foods Corporation(JFC) continues to expand its presence in China with the opening of the country’s first-ever Tim Ho Wan in Shanghai last week, kicking off plans to open 100 branches in five years.
The company CEO Ernesto Tanmantiong said that the Shanghai branch is a starting point for the brand’s expansion in mainland China where the company plans to open 100 Tim Ho Wan stores in the next five years. “The core of Tim Ho Wan is to serve delicious authentic Hong Kong dim sum to more people at a good value for money, and this is why we believe that Tim Ho Wan is a great addition to the Jollibee Group’s portfolio,” Tanmantiong said.
“Given the response we are seeing, we are planning to open the second store by the end of this year. Aside from Shanghai, we will also open in Beijing, Shenzhen, and Guangzhou,” said Jollibee Foods Corp. China chairman Carl Tancaktiong.
Jollibee Group earlier entered into a joint venture agreement with the Tim Ho Wan Group to open and operate Tim Ho Wan restaurants in mainland China.
Tim Ho Wan is a dim sum restaurant chain which originated in Hong Kong in 2009. Its Hong Kong restaurant has been awarded one Michelin star since 2010.
It adds to JFC’s three brands serving Chinese cuisine.
These include Chowking, a Chinese fast casual concept with presence mostly in the Philippines and JFC’s third largest brand in terms of system wide sales, Yonghe King, a Chinese fast food restaurant chain in China that is famous for its freshly prepared soya milk and Hong Zhuang Yuan, a full-service Chinese restaurant chain in Beijing, PRC famous for its congee.
The three brands combined account for close to 20 percent of JFC’s systemwide sales.
Sept 29, 2020, StockBytes PH
Related: ManilaBulletin ; Philstar
*The owner of StockBytes PH is a licensed stockbroker, contact us if you want to open a broker-assisted or online account. Contact us/Services.
Ready to start your financial journey? email us at [email protected] or follow our social media account and join our groups, Cheers!
