(Source: Interkasyon.com | January 12, 2016)
Casual dining chain operator Max’s Group Inc. (MGI) plans to open up some 60 to 80 new stores across all its brands both locally and overseas this year, in a bid to reach its 1,000-stores target by 2020.
Max’s Group President and Chief Executive Officer Robert Trota bared the expansion plan after MGI signed a development agreement with its China-based partners from JuYangYiTong of the Zhongfa Group to build at least 15 Yellow Cab Pizza stores in China within the next five years.
Trota said bulk, or 40 to 60 stores, would be opened in the Philippines in 2016, banking on election-related spending by consumers.
“We are definitely looking at this year as a good year for Max’s Group. I think Max Group restaurant brands do well during the election year especially now [that] it is presidential elections. We are looking at great impact to us, on revenues for all our brands,” he told reporters.
Trota said the company also aims to add at least 19 to 20 stores overseas this year.
“We will start opening those different stores in the different territories that we recently signed not to mention we are still looking for other areas and prospect…There are continuous talks for different areas,” he said, noting the company signed development agreements for five territories in 2015.
Trota identified the Asia Pacific region and the Gulf Cooperation Council (GCC) territory as its top priority markets though it also grows the brands in North America.
In 2015, Max’s Group opened 79 new stores, bringing its network to over 600.
Max’s Group’s family of brands include Max’s Restaurants, Max’s Corner Bakery, Pancake House, Yellow Cab Pizza, Teriyaki Boy, Dencio’s, Kabisera, Sizzlin’ Steak, Le Coeur de France, Maple, Krispy Kreme, Jamba Juice, Meranti, and Singkit.
Meanwhile, MGI is ushering the maiden entry of Yellow Cab Pizza in China, now Asia’s biggest food market.
“I think we are still looking at consumer spending. China is a big market; $2 billion is a big market. Having new choices, relevant and more exciting choices especially to a billion-dollar market is a great opportunity still (for us),” Trota said.
He is optimistic that 200 overseas stores target by 2020 “is very much achievable.”
Trota noted that international sales now contribute below five percent to the Group’s total revenues.
“But we are looking at obviously in the future, it could be a major contributor to the income level of the Max’s Group,” he added.
— Leslie D. Venzon, Philippines News Agency
Read more: http://www.interaksyon.com/business/122599/maxs-group-opening-up-60-to-80-stores-in-2016-here-and-abroad