Max’s Group on Europe expansion: Not for now

MANILA, Philippines –  Restaurant chain Max’s Group, Incorporated (MGI) will focus on growing international footprint in existing markets, like the Middle East, North America, and Asia, to achieve its target of 200 overseas stores by 2020.

But Max’s Group said it will not go to Europe for now, until it finds a suitable partner.

“We should concentrate in Middle East, Asia, and North America. Definitely, we are looking at areas in Europe, [but] I’m not sure if that’s the right [place] for now, because we have to look first for a strategic partner there,” Max’s Group president and CEO Roberto Trota told reporters during the company’s annual stockholders’ meeting.

Max’s Group targets to establish 1,000 stores globally, including 200 outside the Philippines by 2020. 

Trota said the group is looking to open its first Pancake House store in Indonesia, and Yellow Cab Pizza in China.

“We only have Pancake House in Malaysia. In Indonesia, we don’t have a store yet. But we are looking at that country. Hopefully we should find a franchisee next year,” Trota told reporters. 

The chief of Max’s Group said it has a commitment of 131 stores abroad, as of now.

“We’ll definitely hit our 200 stores,” Trota said.

Return in profit seen

The restaurant chain has seen its recent investment in new restaurants return a jump in profit for the first quarter of 2016.

In a disclosure to the Philippine Stock Exchange (PSE), Max’s Group reported a net income of P162.3 million from January to March this year, up 8% compared with P150.6 million during the same period in 2015.

The firm’s new store openings contributed to a 13% increase in restaurant sales to P2.32 billion from P2.05 billion.

Max’s Group has continued its push overseas, with 3 of its 9 newest outlets located abroad – a Max’s Restaurant in Qatar, a Yellow Cab Pizza branch in the United Arab Emirates, and a Sizzlin’ Steak concept store in California.

As of March 2016, the restaurant chain has 577 stores, 37 of which are overseas.

The group has also inked 5 development agreements for 2016.

These are for 25 Yellow Cab Pizza stores in China, 5 Pancake House stores in Qatar, 5 Yellow Cab Pizza stores in Singapore, 5 Yellow Cab Pizza stores in Jordan, and 10 Yellow Cab Pizza stores in Egypt. – Rappler.com