Jollibee eyes 100 new PHO24 stores
The announcement was made amidst a revenue drought brought about by the coronavirus pandemic.
Jollibee Foods Corporation (JFC) is expanding its Vietnamese pho chain brand PHO24, revealing plans to open 100 new stores as part of its long-term strategy.
The Philippine fast food company said it will start with three new branches this year, including one in Pasig City in February.
PHO24 is known for its authentic Vietnamese dishes, with rice noodles soup called "pho" as its signature product. Jollibee has been operating the brand in the country since its wholly-owned subsidiary Fresh N’ Famous Foods Inc., which also runs fast-food chain Chowking, acquired it in 2018.
“We are looking forward to the new store openings of PHO24 this year as part of plans for the long-term strategic growth of the Jollibee Group,” Joseph Tanbuntiong, head of the company's Philippine business group, said in a statement.
Jollibee posted a net loss of P1.58 billion (approx. US$32.8m) in the third quarter last year, a reversal from its P1.67 billion (approx. US$34.7m) net income in 2019 on the back of 29.2% year-on-year drop in system wide sales. The company's year-to-date losses were at P13.54 billion, far from the preceding year's net profit.
“Aside from the openings, we are also developing the brand’s own delivery platform to cater to the increasing demand and to reach new customers. We will also be launching new products, which we believe will excite our customers and make them crave PHO24 more," Tanbuntiong said.
Other international brands under JFC include Yonghe King, Hong Zhuang Yuan and Tim Ho Wan of China, Smashburger in the United States, and Highlands Coffee of Vietnam.