Beco
I'm Not Your Guru
- Joined
- Sep 12, 2002
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In the why didnt I think of this CATeGory!
KFC Savors Potential in Africa
By JULIE JARGON
After spending two decades introducing fried chicken and pizza to Chinese consumers, Yum Brands Inc. now sees Africa as its next international jewel.
By 2014, the Louisville, Ky., restaurant-holding company expects to double its number of KFC outlets in Africa to 1,200. In the next four years, it aims to more than double its revenue on the continent to $2 billion.
"Africa wasn't even on our radar screen 10 years ago, but now we see it exploding with opportunity," says David Novak, Yum's chairman and chief executive officer.
The improved political stability of various African governments, the region's vast population and a growing middle class in Africa—where chicken is a dietary staple—led Yum to set its sights on the continent.
The first KFC in South Africa opened in 1971 and Yum, whose brands also include Pizza Hut, Taco Bell and Long John Silver's, is now branching out into Nigeria, Namibia, Mozambique, Ghana, Zambia and other African countries.
American restaurant companies and retailers have been moving into emerging markets as growth in the U.S. and other developed countries has slowed, and Africa is increasingly being added to the list. Wal-Mart Stores Inc. recently offered to buy 51% of South African retail giant Massmart Holdings Ltd.
KFC Savors Potential in Africa
By JULIE JARGON
After spending two decades introducing fried chicken and pizza to Chinese consumers, Yum Brands Inc. now sees Africa as its next international jewel.
By 2014, the Louisville, Ky., restaurant-holding company expects to double its number of KFC outlets in Africa to 1,200. In the next four years, it aims to more than double its revenue on the continent to $2 billion.
"Africa wasn't even on our radar screen 10 years ago, but now we see it exploding with opportunity," says David Novak, Yum's chairman and chief executive officer.
The improved political stability of various African governments, the region's vast population and a growing middle class in Africa—where chicken is a dietary staple—led Yum to set its sights on the continent.
The first KFC in South Africa opened in 1971 and Yum, whose brands also include Pizza Hut, Taco Bell and Long John Silver's, is now branching out into Nigeria, Namibia, Mozambique, Ghana, Zambia and other African countries.
American restaurant companies and retailers have been moving into emerging markets as growth in the U.S. and other developed countries has slowed, and Africa is increasingly being added to the list. Wal-Mart Stores Inc. recently offered to buy 51% of South African retail giant Massmart Holdings Ltd.
