FoodAsia president Richard V. Sanz said the company expects to earmark around P100 million for the expansion of the quick-service restaurant chain in a period of three years.
“Half of the 100 stores which we plan to open will be franchised. We plan to set up initially in Luzon. After [2013], we will explore [opportunities in the] Visayas and Mindanao,” said Sanz in an interview.
For 2011, FoodAsia Corp. is planning to open six more restaurants before going on full expansion mode in 2012.
FoodAsia Corp. said it will finance the expansion of quick-service restaurants mainly through bank loans.
The company launched its fourth “Bar-B-King” store in SM Megamall in Mandaluyong on Saturday.
“We launched Bar-B-King to offer consumers more dining choices by serving fine-dining quality grilled items in a fast-food setting,” said Sanz.
“We will apply the same operational and logistics systems strategy and targeted-marketing approach that contributed to the success of the Bibingkinitan chain,” he stressed.
In 10 years, FoodAsia Corp. said it is targeting to set up Bar-B-King stores in countries in Southeast Asia where it already has a network of operators for its “Bibingkinitan” stores.
(Jennifer A. Ng)
