Unstoppable: Jollibee Is Spending P12.2 Billion To Open 450 New Stores in 2021 Despite Losing P11.5 Billion in 2020
Jollibee is not letting its 2020 losses deter it from its course of aggressive expansion in 2021. Despite reporting P11.5 billion in net loss in 2020, Jollibee is planning to open 450 new stores this year, most of which will be outside of the Philippines.
Jollibee’s strategy to battle its first-ever annual net loss in 2020 is with more spending. The conglomerate will be spending P12.2 billion in 2021 to open new stores, compared to its P10 billion spending budget in 2020. These new stores will be located in Vietnam, China, and North America, which experienced successful and viral launches in 2020.
A Turning Point?
In 2020, Jollibee shut down 486 stores and opened 338, of which only 81 were in the Philippines. The rest were abroad in popular OFW locations like the U.S. and U.K.
Last year marked Jollibee’s first time to open more stores abroad than at home, and this milestone is in line with the conglomerate’s not-so-secret plan to be one of the top five restaurant companies in the world.
Based on Jollibee’s statement, it looks like 2021 will be the turning point for Jollibee as CEO Ernesto Tanmantiong notes that in the following years, “JFC’s sales and profit growth will be driven by its international business.”
Thanks to aggressive international expansion in the fourth quarter of 2020, Jollibee is seeing a recovery as all of its regions prove profitable. JFC already operates over 3,200 stores of its brands Jollibee, Chowking, Greenwich, Coffee Bean & Tea Leaf, and more.