Yum China outlines strategic plans for growth
It will focus on store refurbishments, menu innovation, as well as development in the digital space.
The Company's four strategic priorities include maintaining focus on China and investing locally for growth; strengthening the core business through menu innovation, improving stores and a commitment to improve quality and value; investing and maintaining the lead in digital and delivery; and innovating across the business in product categories, store formats and day parts.
Yum China's CEO Micky Pant said, "KFC was one of the first foreign brands to provide Chinese consumers with a window to the West and was quickly followed by Pizza Hut. Both brands are firmly embedded in the memories of an entire generation of Chinese consumers. Even today, as we expand our presence to smaller cities, KFC is often the first foreign restaurant brand experienced by Chinese people. I am incredibly proud of everything we have achieved over the past thirty years. We could not have done this without the support of our customers, partners and employees, and we are extremely grateful for their contribution to Yum China's story."
"With ongoing urbanization, a burgeoning middle class and significant investment in infrastructure, we believe there is an incredible opportunity to expand our business in China. Yum China's journey continues and we have a clear strategy for growth," said Joey Wat, president and chief operating officer of Yum China.
"Innovation is at the heart of our strategy, and we will continue to introduce new menu items, store formats, and day parts. Staying close to our customers remains fundamental to our success and we will enhance our digital engagement and delivery efforts so that we can continue to improve the customer experience," said Wat.
Yum China has also been at the forefront of innovation in the restaurant industry, developing unique dishes to suit the preferences of Chinese consumers, and rapidly expanding its digital and delivery capabilities to improve the customer experience by implementing cutting-edge technologies such as cashless payments and facial recognition payment. As of the end of August 2017, Yum China had more than 120 million loyalty members and over 5,100 restaurants across China offering delivery services.
