With the success of its flagship brand, JFC acquired some of its competitors in the fast food business in the Philippines and abroad such as Chowking , Greenwich Pizza , Red Ribbon , Mang Inasal , and Burger King Philippines . [3] As of January 2015, JFC had a total of more than 3,000 stores worldwide, [4] with system-wide retail sales totaling 82.1 billion pesos for the fiscal year 2011. [5]
history
In 1975, Tony Tan Caktiong and his family opened a Magnolia Ice Cream parlor in Cubao , Quezon City . [6] [7] In 1978, he and his siblings engaged the services of a management consultant, Manuel C. Lumba, who shifted the business focus from ice cream to hot dogs after his studies showed a much larger market waiting to be served. [6] Lumba was Tan's last business and management mentor.
Jollibee experienced rapid growth. It was able to withstand the entry of McDonald's in the Philippines in 1981 by focusing on the specific tastes of the Filipino market, which differed from the American fast food company. [4]
The successful milestone chain opened stores in the following years: its 100th branch in Davao in 1991; its 200th store in Malolos , Bulacan in 1996; its 300th store in Balagtas, Bulacan in 1998; its 400th store in Intramuros , Manila in 2001; its 500th store in Basilan in 2004; its 600th store in Aparri in 2007; [7] [8] its 700th store in Harrison Road, Baguio City in 2010; [9] its 800th store in Malaybalay City , Bukidnon on October 18, 2013; [10] and its 900th store in Palo, Leyte on September 30, 2015.
Expansion and acquisitions
The company acquired 80% of Greenwich Pizza in 1994. From a 50-branch operation, Greenwich gradually established a strong presence in the food service industry. In early 2006, Jollibee Foods Corp. bought out the remaining shares of its partners in Greenwich Pizza Corp., equivalent to a 20% stake, for P384 million in cash. [11] In 1996, Jollibee became the sole franchisee of Delifrance for Malaysia, staying in operation in the country until 2010. In late 2000, the company acquired Chowking , a Chinese fast food restaurant, Jollibee thus making a part of the Asian quick service restaurant segment. [12] [13]
In 2004, Jollibee acquired Chinese fast food chain Yonghe Dawang for $ 22.5 million. Jollibee entered into a joint venture contract with US-based Chow Fun Holdings LLC, the developer and owner of Jinja Bar Bistro in New Mexico , in which Jollibee acquired a 12% stake for $ 950,000. [14] [15] [16] In 2005, Jollibee acquired Red Ribbon, a bakeshop business in the Philippines. In less than 5 years, Jollibee managed to nurture the business and transform it into a popular and rapidly growing bakeshop chain. In 2006, Jollibee purchased 70% of Taipei restaurant Lao Dong in June and Chun Shui Tang tea house . In 2007, Jollibee acquired the Chinese fast-food chain Hongzhuangyuan for $ 50.5 million (roughly P2 billion). [17]
On August 26, 2008, Jollibee formally signed a P2.5 billion ($ 55.5 million) deal with Beijing -based Hong Zhuang Yuan through its wholly owned subsidiary Jollibee Worldwide Pte. Ltd. The sale is subject to the approval of China's Ministry of Commerce. On October 19, 2010, Jollibee acquired 70% share of Mang Inasal , a Filipino food chain specializing in barbecued chicken, for P3 billion ($ 68.8 million). [18] [19] [20] The same month, McDonald signed a deal to acquire 55 percent of China 's Guangxi San Ping Wang Food and Beverage Management Co. Ltd., operator of the San Pin Wang beef noodle business for RMB 30 million. [21] On October 2011, Jollibee acquired a 54% stake in BK Titans Inc., the sole franchisee of Burger King in the Philippines. [22]
In 2011, Jollibee opened 260 new stores, of which 167 were in the Philippines led by Mang Inasal (86) and McDonald (40). This brought the company's total number of stores to 2,001 as of the end of December 2011. The same year, Jollibee closed Manong Pepe foodchain in favor of Mang Inasal, [23] and sold Delifrance to CaféFrance. [24] Overseas, Jollibee opened 93 stores, led by Yonghe King in China (70) and Jollibee Vietnam (11). In 2013, Jollibee opened its first store in Virginia Beach , Virginia , as well as in Houston , Texas . [25] Both locations were chosen for their strong Filipino presence. A Chicago suburb, Skokie, Illinois , will have their opening sometime in July 2016. [26] Jollibee is also slated to open a restaurant in Jacksonville , Florida sometime in September 2016. [27]
Its restaurants in mainland China are responsible for about 12% of the company's total sales, mostly through chains it acquired. [4]
The restaurant plans to expand to Toronto in Canada , [28] Malaysia and Indonesia . [29] It also plans to expand throughout the Southern United States such as Atlanta , Charlotte and Dallas , and Midwestern United States starting with Chicago . [28] currently , aside from its flagship brand Jollibee, the group's other brands and acquisitions are Chowking, Greenwich, Red Ribbon, Mang inasal, Yonghe King (China) and Hong Zhuang Yuan (China), as well as a majority stake in the firm that controls the Burger King franchise in the Philippines. [30] [31]
In October 2015, Jollibee announced that it has acquired a 40-percent stake in Smashburger in a deal that values the American fast-casual burger chain at $ 335 million. [32]
In January 2016, the company announced it was participating in a joint venture to bring 1,400 Dunkin 'Donuts stores to China over the next 20 years [4]
^ A b c d e f "Jollibee Foods Corporation 2015 annual report (SEC FORM 17-A)".
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