Burger King to Invade China
While there are only 12 BK’s in China currently, Reuters reports that US fast food giant Burger King has announced plans to open several hundred restaurants over the next three years. About About 90 percent of the Burger King outlets in China will be franchised and 10 percent will be corporately owned.Burger King has lagged behind its rivals in gaining a piece of the $28 billion Chinese fast-food market. McDonald’s owns more than 900 restaurants in China and KFC has KFC operates more than 2,000.
According to Reuter’s:
Burger King Chief Executive John Chidsey said last December that the company’s nascent international business may catch up with its U.S. business in terms of revenue within five years, with plans to open 250 to 300 outlets across China during that period.
“China is a fast-growing market where 1.4 billion people are getting wealthier by the day,” Tan said, adding Burger King would target teenagers and young adults between 18 and 30 in affluent cities along China’s eastern coast.
23 Apr 2008
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