Jollibee to open 1000th store in BGC
MANILA, Philippines – Jollibee Foods Corporation (JFC) will open the 1000th branch of its flagship brand Jollibee on Tuesday, July 4, in Bonifacio Global City in Taguig, a business district largely dominated by rival McDonald's.
"[A]ll roads now lead to Bonifacio Global City Triangle Drive in Taguig for the opening of Jollibee's 1000th store in the Philippines. Celebrate this milestone with us during our grand opening on July 4, 2017," the business empire of Tony Tan Caktiong announced on its official website.
Bonifacio Global City is largely dominated by McDonald's, which has more outlets in the area than Jollibee. (READ: Jollibee to continue stinging McDonald's despite labor issues)
Golden Arches Development Corporation (GADC), which holds the exclusive franchise to operate McDonald's in the Philippines, ended 2016 with 7 branches in Bonifacio Global City, compared to Jollibee's 3 stores in the business district as of end-2016.
Although the Andrew Tan-led company blocks Jollibee in BGC, Jollibee remains in the lead in terms of the entire Taguig City, closing 2016 with 9 stores. McDonald's has 8 branches in the city as of 2016.
Jollibee's story began in 1975 when Tan Caktiong opened an ice cream parlor in Cubao, Quezon City. He then moved to expand into more types of food like hamburgers, fried chicken, and sweet spaghetti.
In 1984 or less than a decade, Jollibee reached the P500-million sales milestone. By 1989, Jollibee breached the P1-billion sales mark.
In 36 years, Jollibee was able to increase its branches to 1,000 from 10 in 1981.
To sustain the company's continued growth, Jollibee said it allotted P14 billion for capital expenditures in 2017.
Of the P14-billion programmed spending, P7.6 billion will be for store expansion and renovation, while P5.6 billion will be for commissary investment.
In 2016, JFC saw its net income in 2016 surge by 24.6% to P6.14 billion, from P4.93 billion in 2015, after it registered its highest number of new stores last year.
JFC also owns Chowking, Greenwich, Red Ribbon, Mang Inasal, and Burger King. The Tan Caktiong-led company also maintains interest in the following joint ventures: Highlands Coffee, Pho 24, 12 Hotpot, and Smashburger.
On July 13, 1993, JFC was listed in the Philippine Stock Exchange with an initial offering of P9 per share. On June 29, 2017, JFC shares are priced at P209 each. – Chrisee Dela Paz/Rappler.com