(Inside Retail Asia | June 30, 2017)
Jollibee Foods Corporation (JFC) will open the Philippines’ 1000th branch of its flagship fast-food brand Jollibee in Bonifacio Global City, Taguig, on Tuesday July 4.
Golden Arches Development Corporation (GADC), which holds the exclusive franchise for McDonald’s in the Philippines, has seven branches in Bonifacio Global City compared to Jollibee’s three stores in the surrounding business district.
While GADC blocks Jollibee in Bonifacio Global City, Jollibee has nine stores in Taguig City – one more than McDonald’s.
Jollibee’s story began in 1975 when Tan Caktiong opened an ice-cream parlor in Cubao, Quezon City. He then expanded his offering to hamburgers, fried chicken and spaghetti. He had 10 outlets by 1981, and by 1989 Jollibee’s sales broke the PHP1 billion (US$19.8 million) barrier.
To sustain its growth, Jollibee says it allotted PHP14 billion for capital expenditure this year – PHP7.6 billion for new stores and renovation, and PHP5.6 billion for commissary investment.
JFC’s net income last year surged by 24.6 per cent to PHP6.14 billion, from PHP4.93 billion in 2015.
The corporation also owns Burger King, Chowking, Greenwich, Mang Inasal and Red Ribbon. It is also involved in four JVs: 12 Hotpot, Highlands Coffee, Pho 24 and Smashburger.