Bangkok--31 Aug--hkstrategies
Thailand's number one quick service restaurant brand, KFC Thailand today announced the official appointment of a new franchisee – Restaurant Development Company Limited (RDCL). RDCL's investment will be the acquisition of 130 existing KFC restaurants in greater Bangkok and Southern Thailand, renovation of these restaurants, and the building of 100 new restaurants by 2020 throughout Thailand. The deal will support the brand's growth strategy to 800 stores in Thailand by 2020, or additional 215 stores from 2016.
"Last May, KFC Thailand announced our 800 store growth strategy through active innovation and recruitment of a new franchisee. Today's exciting announcement is a big step towards this goal which will be hugely beneficial for our customers, our team members and our partners. Our strong partnerships will drive KFC Thailand onto even greater success," says Mrs. Waewkanee Assoratgoon, General Manager of KFC, Yum! Restaurants International (Thailand). "KFC welcomes the Restaurant Development Company Limited as a new franchisee due to their passion for food, financial capability, professional experience within QSR in Asia, and their commitment to grow the KFC brand."
RDCL is a fully registered Thai company with its headquarters in Bangkok that will employ more than 3,000 Thai staff. It is a joint venture among several Thai and Asian investors that has appointed a management team led by the ASEAN Industrial Growth Fund PTE LTD (AIGF), whose sponsors include Mitsubishi Corporation and the Development Bank of Japan.
"I am excited to have this tremendous opportunity to expand this outstanding brand together. We have a strong organization, the financial resources and entrepreneurial vision to help KFC Thailand achieve its goals and we look forward to a bright future. We will ensure faster KFC growth than ever before," says Mr. Andrew Norton, CEO of RDCL, a 13-year veteran of QSR industries both in Thailand and Australia.
The announcement follows an extremely successful 2016 for the brand, which is dominating the Thai QSR market with its increased total share of visit at 65%[1]. The company has also surpassed projected sales targets for the year, despite a slowdown in the QSR industry growth. KFC is already on a robust development path with approximately 35 restaurants planned to be built in 2016. KFC expects to have 585 stores by end 2016.
The rapid growth of KFC will be bolstered by a store development program whereby RDCL will develop 100 new KFC stores by 2020, alongside Yum!. Incorporating the additional 215 KFC Thailand stores in total that are planned to be opened by 2020, the move is estimated to add approximately 6,500 jobs to the Thai employment market.
"This agreement is hugely positive for KFC Thailand's customers and employees. There will be more products, services and modern restaurants to enjoy. KFC is growing rapidly and will continue to do so. This is testament to our strong fundamentals and dedicated partners. We are excited about our future opportunities that will enable greater expansion and continued consumer innovation," concludes Ms. Waewkanee Assoratgoon.