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Jennie Chua, a well-known Singaporean hotelier who spent the past four decades developing some of Asia’s best-known hotels such as the fabled Raffles Hotel she once helmed, is now redirecting her energy to help another iconic Asian brand, Jollibee Foods, establishing a foothold in Singapore.
Philippine-based Jollibee seeks to be the Asian McDonald's/B]
Chua is a 40% shareholder in Beeworks, which in May signed an agreement with Jollibee Foods to bring the Filipino fast-food giant to Singapore, with the first Jollibee outlet scheduled to open in Singapore by early next year. "I have known (Jollibee founder and Filipino billionaire) Tony Tan for more than 20 years. The subject of bringing the Jollibee flagship brand to Singapore, which hosts about 200,000 Filipino workers, had come up before, but the timing was never right."
As Jollibee Foods rapidly gained market share across the world however, Chua’s dormant business ambitions were reawakened. At the moment, Jollibee dominates the hamburger market in the Philippines, with a 39% market share, clipping main rival McDonald’s by 15%. On the overall fast-food market, McDonald's suffers utter defeat with a whopping 69% of Filipinos dine in Jollibee compared to McDonald's 16%.
Jollibee may face stiff competition in Singapore, where McDonald’s is the leader with 38% and KFC comes in second with 17%, according to Euromonitor International, but Chua is confident the restaurant chain would quickly become a household name in Singapore. “There is a ready support base,” she says. “The menu has Asians in mind, and it doesn’t need to be adapted from Western fast food.”
Jollibee has become a national icon in the Philippines/B]
As the Filipino economy surges forward, its powerful Chinese tycoons or the 'taipans', who dominate 70% of the national economy and made up 12 of the 15 Filipino billionaires, are seeking a greater regional role. The country's wealthiest man, Henry Sy, is teaming up with Australian billionaire James Packer and Macau gambling tycoon Lawrence Ho to jointly develop the casino industry in Manila. The Pagcor entertainment city in Manila laid an ambitious goal to transform the Philippines into an Asian gambling hub rivaling that of Macau.
Filipino billionaire Andrew Tan plans to spend $1.5 billion to triple his Alliance Global Group Inc.’s hotel rooms to become the Philippines largest hotel owner as the country aims to lure more tourists. His company, together with Hong Kong-based Melco Crown Entertainment Ltd. and Japanese billionaire Kazuo Okada, seek to boost Filipino tourist facilities as the government set target to increase tourist arrivals to 10 million by 2016 from a 4.5 million target this year.
The Philippines lags neighbors Singapore, Thailand and Indonesia in attracting tourists as poor infrastructure, lack of hotel rooms and political instability in the past have turned away prospective visitors. The country drew 2.14 million tourists in the first half of 2012, trailing Malaysia’s 11.6 million, Thailand’s 10.5 million, and Indonesia’s 3.87 million, according to government data.
Philippines President Aguino (center) and Jollibee founder Tony Tan (right), who is now worth $1.25 billion
/B]
Another billionaire, Lucio Tan, (3 Filipino billionaires shared the Chinese surname Tan, though they are not related to each others) is pushing his two banks, Philippine National Bank (PNB) and Allied Banking Corporation (ABC), to merge with the Bank of Philippine Islands, in what is to be another round of banking consolidation to form the largest bank in the country, surpassing Henry Sy's Bank de Oro. This will set the Filipino banking sector to be more competitive against the region's more established banks.
Founded by Chinese-Filipino businessman Tony Tan in 1975 as an ice-cream parlor, Jollibee is now the best known Filipino brand abroad, overseeing a total of 2,510 restaurants in Asia, Middle East and the U.S. The Group plans to increase the number of restaurants to 4,000 outlets worldwide by 2020, making Jollibee the biggest Asian-based fast food restaurant, the Asian version of McDonald's. Shares of Jollibee Foods Corp. has risen 214% in the past 3 years, compared to McDonald's 42%.
http://www.forbes.com/sites/forbesasia/2012/11/28/hotelier-jennie-chuas-new-challenge-bringing-jollibee-fast-food-to-singapore/
Jennie Chua, a well-known Singaporean hotelier who spent the past four decades developing some of Asia’s best-known hotels such as the fabled Raffles Hotel she once helmed, is now redirecting her energy to help another iconic Asian brand, Jollibee Foods, establishing a foothold in Singapore.
Philippine-based Jollibee seeks to be the Asian McDonald's/B]
Chua is a 40% shareholder in Beeworks, which in May signed an agreement with Jollibee Foods to bring the Filipino fast-food giant to Singapore, with the first Jollibee outlet scheduled to open in Singapore by early next year. "I have known (Jollibee founder and Filipino billionaire) Tony Tan for more than 20 years. The subject of bringing the Jollibee flagship brand to Singapore, which hosts about 200,000 Filipino workers, had come up before, but the timing was never right."
As Jollibee Foods rapidly gained market share across the world however, Chua’s dormant business ambitions were reawakened. At the moment, Jollibee dominates the hamburger market in the Philippines, with a 39% market share, clipping main rival McDonald’s by 15%. On the overall fast-food market, McDonald's suffers utter defeat with a whopping 69% of Filipinos dine in Jollibee compared to McDonald's 16%.
Jollibee may face stiff competition in Singapore, where McDonald’s is the leader with 38% and KFC comes in second with 17%, according to Euromonitor International, but Chua is confident the restaurant chain would quickly become a household name in Singapore. “There is a ready support base,” she says. “The menu has Asians in mind, and it doesn’t need to be adapted from Western fast food.”
Jollibee has become a national icon in the Philippines/B]
As the Filipino economy surges forward, its powerful Chinese tycoons or the 'taipans', who dominate 70% of the national economy and made up 12 of the 15 Filipino billionaires, are seeking a greater regional role. The country's wealthiest man, Henry Sy, is teaming up with Australian billionaire James Packer and Macau gambling tycoon Lawrence Ho to jointly develop the casino industry in Manila. The Pagcor entertainment city in Manila laid an ambitious goal to transform the Philippines into an Asian gambling hub rivaling that of Macau.
Filipino billionaire Andrew Tan plans to spend $1.5 billion to triple his Alliance Global Group Inc.’s hotel rooms to become the Philippines largest hotel owner as the country aims to lure more tourists. His company, together with Hong Kong-based Melco Crown Entertainment Ltd. and Japanese billionaire Kazuo Okada, seek to boost Filipino tourist facilities as the government set target to increase tourist arrivals to 10 million by 2016 from a 4.5 million target this year.
The Philippines lags neighbors Singapore, Thailand and Indonesia in attracting tourists as poor infrastructure, lack of hotel rooms and political instability in the past have turned away prospective visitors. The country drew 2.14 million tourists in the first half of 2012, trailing Malaysia’s 11.6 million, Thailand’s 10.5 million, and Indonesia’s 3.87 million, according to government data.
Philippines President Aguino (center) and Jollibee founder Tony Tan (right), who is now worth $1.25 billion
/B]
Another billionaire, Lucio Tan, (3 Filipino billionaires shared the Chinese surname Tan, though they are not related to each others) is pushing his two banks, Philippine National Bank (PNB) and Allied Banking Corporation (ABC), to merge with the Bank of Philippine Islands, in what is to be another round of banking consolidation to form the largest bank in the country, surpassing Henry Sy's Bank de Oro. This will set the Filipino banking sector to be more competitive against the region's more established banks.
Founded by Chinese-Filipino businessman Tony Tan in 1975 as an ice-cream parlor, Jollibee is now the best known Filipino brand abroad, overseeing a total of 2,510 restaurants in Asia, Middle East and the U.S. The Group plans to increase the number of restaurants to 4,000 outlets worldwide by 2020, making Jollibee the biggest Asian-based fast food restaurant, the Asian version of McDonald's. Shares of Jollibee Foods Corp. has risen 214% in the past 3 years, compared to McDonald's 42%.
http://www.forbes.com/sites/forbesasia/2012/11/28/hotelier-jennie-chuas-new-challenge-bringing-jollibee-fast-food-to-singapore/
