Burger King May Add 250 Asia Stores Within Five Years
Burger King Holdings Inc., the second- largest U.S. hamburger chain, plans to add as many as 250 new stores in Asia in the next five years.
“Asia will be our next biggest growth opportunity in the next two to five years,” Chief Executive Officer John Chidsey said in a televised interview in Hong Kong today. Burger King has 700 restaurants across Asia-Pacific, with nine in China and four in Hong Kong, said Peter Tan, president of Burger King Asia Pacific Ltd. About 90 percent of the branches are under franchise.
International fast-food chains such as McDonald’s Corp., Wendy’s International Inc. and KFC Corp. are boosting their presence across Asia, where economic growth is fueling consumer spending. Burger King has signed an agreement with a Hong Kong businessman to facilitate its expansion in the city and Macau, Chidsey said, without providing further details.
“The outlook for the fast-food chain business in Asia is good, supported by the robust economic growth in the region,” said Ben Kwok, head of research at KGI Asia Ltd. “Still, competition is very keen and surging rents also add pressure on margins.”
Yum! Brands Inc., owner of KFC and Pizza Hut chains, plans to open 400 restaurants this year in China, where its operating profit jumped 31 percent in the first quarter. The nation’s economy expanded 11.1 percent in the first quarter and retail sales rose 15.5 percent in April.
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