Jollibee Group expects revenue growth with the continuous expansion in China

The Jollibee Group’s joint venture agreement with Tim Ho Wan Group is one of its biggest initiatives to accelerate overseas expansion. The company is committed to continuously increase its presence in Mainland China, one of its four pillar markets along with the Philippines, US, and Southeast Asia.

MANILA, Philippines. –The Jollibee Group continues to expand its footprint in Mainland China with the growth of its Tim Ho Wan, Yonghe King, and Hong Zhuang Yuan businesses. This year alone, these three brands have opened 80 stores around China, with 33 more stores set to open by December 2021.

“The expansion efforts of these brands will play a huge and important role in generating revenue and strengthening the Jollibee Group’s growth, especially since China is one of the company’s four pillar markets,” said Jollibee Group President and CEO Ernesto Tanmantiong.

After its much-anticipated debut in Mainland China in September 2020, Michelin-starred Tim Ho Wan now has a total of six stores across Shanghai. The restaurant, famous for its Baked BBQ Pork Buns, Rice Rolls, and Pan-Fried Radish Cakes, opened stores in MixC Shopping Mall in Minghang District, Sun Palace in Hongkou District, and Cifi Tower in Putuo District, all popular commercial centers in Shanghai. All restaurants continue to enjoy long queues and have been packed with customers even months after its opening day.

Jollibee Group is planning to aggressively grow Tim Ho Wan in Mainland China, targeting to have about 100 restaurant outlets within five years.

New locations and new formats

Yonghe King, famous for its freshly ground Soy Milk, Minced Pork Rice, and Crispy Tender Chicken Thigh, has opened 62 new stores in 2021. The Chinese fast-food restaurant currently has 383 stores across China and is targeting to reach 1,000 stores in five years.

Determined to expand its market and to reach more customers, Yonghe King recently entered the Shaanxi Province with two stores in Xi’an City and is set to open its first store in Hainan Province. Yonghe King is scheduled to open a total of 23 more stores by December 2021.

Meanwhile, Hong Zhuang Yuan now has a total of 44 stores across the Chinese Capital. The brand serves Beijing’s top-rated congee according to DianPing, China’s most popular restaurant-review app.

It has recently opened its first mall-based store in Xiyue Sky Street, a new landmark in Southwest Beijing. The new branch offers a new and exclusive menu, featuring great value-for-money dishes: Lucky Fried Chicken and Buddha Jumps Over the Wall, a seafood and poultry-based soup. These new menu items, as well as Hong Zhuang Yuan’s famous congee, has been drawing crowds for the new branch, with queuing lasting for more than an hour during weekends.

After previously focusing on opening stores in residentials areas, Hong Zhuang Yuan is now planning to open stores in the top 10 shopping malls in Beijing and other shopping malls outside the city as it seeks to have 60 stores by the end of 2021.

A total of P12.2-billion was allotted for the Jollibee Group’s capital expenditures in 2021—the highest in the company’s history—with a focus on expansion in Asian countries such as China. This is aligned with the Group’s vision to be among the top 5 Restaurant Companies in the World.

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Hong Zhuang Yuan opened its first ever in-mall store on September 9, 2021. With the restaurant’s new location in Xiyue Sky Street, customers lined up on its opening day to get a taste of Hong Zhuang Yuan’s affordable signature dishes.

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Jollibee Group’s Yonghe King brand recently entered Shaanxi Province with two new stores. Locals cannot get enough of its famous Soy Milk, which is prepared on-site with non-GMO soybeans that have been soaked for eight hours and milled every four hours. The restaurant is also known for serving breakfast favorites and its Minced Pork Rice and Crispy Tender Chicken Thigh dishes continue to draw crowds and raves.