MANILA, Philippines–The local franchise holder of US-based Krispy Kreme Doughnuts Inc. will put up 10 more branches next year on the back of an improving Philippine economy.
In a briefing Thursday, Krispy Kreme Philippines CEO Sharon Fuentebella said the group would continue to grow its network as the country’s strong economy gave Krispy Kreme “the perfect opportunity to reach out to more consumers.”
Fuentebella disclosed that Krispy Kreme has 52 branches in different formats ranging from kiosks to factory stores, most of which are in Luzon. Three are in Cebu and five are in Mindanao (Davao and Cagayan de Oro).
The target is to end 2014 with 56 stores, with two new stores to be put up in Iloilo and Bacolod.
According to Fuentebella, Krispy Kreme is looking to grow the network to about 100 stores across the country, but declined to cite a specific timetable or the expected capital outlay for these branches, all of which will be company-owned.
Krispy Kreme Philippines is bullish on its growth prospects as it has recorded steady double-digit annual growth in revenues since it first opened in the Philippines seven years ago, Fuentebella said.
Tony Thompson, president and CEO of the parent firm Krispy Kreme Doughnuts Inc. noted that the Philippines was deemed as one of the premium markets that support other branches globally. The Philippines, he said, was also considered one of the firm’s flagship markets in the world.
This was also one of the reasons why Krispy Kreme’s Global Partner Summit was being held in the Philippines, along with the 2014 Krispy Kreme World Barista Championships.