Jollibee Foods has announced its plans to open 100 more Tim Ho Wan restaurants in China over the next four years.
The announcement, which took place on Wednesday, also included details on the company’s investment of USD 60 million into its dim sum chain, Tim Ho Wan. The investment will help the company’s expansion into mainland China, a hostile country for the restaurant industry during the pandemic.
The company currently owns 11 existing Tim Ho Wan restaurants in China, which are concentrated mostly in Shanghai. The expansion is aligned with Mr. Caktiong’s desire to grow Jollibee Food’s non-Philippine portfolio to approximately 50 percent of its revenue and profit.
Currently, Jollibee Food earns approximately 45 percent of its revenue from locations outside the Philippines. According to the company’s CEO Ernesto Tanmantiong the company is targeting the Philippines, China, and the US as its “three major growth centers,” so that “see these three pillar markets contribute equally”.
As economies reopen, Jollibee has seen its business rebound. The company aims to become one of the world’s largest quick-service restaurant chains, joining McDonald’s and Yum Brands. However, this aim has been hindered by Xi Jinping’s zero-COVID strategy, which relies on lockdowns and extensive testing to combat outbreaks and has been slowing China’s economic recovery.