Despite the global crisis due to the COVID-19 pandemic and reporting massive losses for the first three quarters of 2020, Jollibee was able to recover in the last quarter.
As earnings recover, Jollibee’s billionaire founder Tony Tan Caktiong announced that they had earmarked as much as Php12.2 billion ($251 million) for expansions across the Philippines and in several international locations.
Expansions Amid Crisis in 2020
Despite massive losses due to the crisis, Jollibee was able to expand in 2020 as it opened 81 new stores in the Philippines and 257 overseas.
“The global crisis made more apparent the advantages of geographical diversification of our business. We continued to invest for long-term growth even amid the pandemic in countries that presented opportunities,” said current Jollibee president and CEO, Ernesto Tanmantiong.
More Expansions in 2021
Because of their diversified investments, Jollibee was able to quickly recover from the crisis and now has Php12.2 billion to spare for the expansions in 2021.
In the first quarter of 2021, Jollibee reported a net profit of Php153 million.
Taking advantage of the new momentum, Tan Caktiong plans to expand and open at least 450 stores this year and at least 500 next year, 2022.
The expansion won’t just be focusing on the Jollibee fast-food chain but will include other stores under the Jollibee Corporation, including US-based chains Smashburger and Coffee Bean.
To expand to the Asian market, Coffee Bean will open more stores in Singapore, Malaysia, and other places in Asia.
New Acquisitions
But the corporation still has bigger plans for expansion involving other stores and brands. Just recently, they added Taiwanese bubble tea Milksha as one of its new brands available for Philippine franchise.
Also, the corporation entered a new venture for the operation and expansion of Japanese restaurant chain Yoshinoya in the Philippines.
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