Philippine fast food giant Jollibee is eyeing a return to the Guam market.
Known for its crispy fried chicken, sweet spaghetti and other Filipino twists on patties, hotdogs, egg rolls and noodles, Jollibee’s Guam re-entry was announced as part of its overseas expansion plans.
Jollibee Chairman Tony Tancaktiong spoke to Manila media about Jollibee’s overseas plans after the company’s latest annal stockholders' meeting a few days ago.
Tancaktiong said Jollibee has just opened a branch in Florida and will be opening branches in Toronto, Manhattan and Guam later this year or early next year, the Manila Bulletin, Manila Times, Rappler.com and other Philippine media entities reported.
A message left with Jollibee corporate wasn't immediately returned.
Jollibee had two franchise-run restaurants in Guam and two in Saipan, but all its Marianas presence ended more than a decade ago as the islands went through an economic downturn. Jollibee also had trouble competing with Guam players that offered larger portions.
In the Philippines, McDonald's is seen as one of the closest rivals to Jollibee, according to Rappler.
Jollibee’s international franchise applicant must have a minimum net worth of $5 million, according to the company’s website.
The company plans to invest about $300 million in capital expenditures this year – about double its spending in 2016.
Jollibee Foods Corp., publicly listed as JFC, was incorporated in 1978.
The company builds, runs and franchises quick-service restaurants.
In the Philippines, Jollibee parent JFC also has, as subsidiaries, Red Ribbon Bakeshop; Fresh N' Famous Foods Inc., which develops, operates and franchises quick-service restaurants under the trade names "Chowking" and "Greenwich"; and holds the Philippine franchise for Burger King, according to the company's information on the Philippine Stock Exchange.
By early this year, there were 1,000 Jollibee stores nationwide, of which 459 were franchised and 457 are company-owned.
Internationally, Jollibee had 139 stores with 32 in the United States, 72 in Vietnam, 13 in Brunei, one in Hong Kong, two in Singapore, and 19 in the Middle East, according to the company's profile for investors.