Yum Brands’ Pizza Hut planned to invest over 700 million yuan in Chinese market to open at least 150 new stores this year. While the catering industry is facing many challenges ahead, the company announced yesterday that it would focus on the third- and fourth-tier cities and believed that Chinese economy would keep the growth momentum.
According to statistics from Euromonitor, Chinese pizza market was about 8.3billion yuan and Yum! Brand’s market share was around 46.8%. As of last year, the company owns 4,493 restaurants in China, including 626 Pizza Hut stores.
“Since all provinces in China are experiencing a good momentum, we can introduce our brand to more consumers”, said Sam Su, president and CEO of Business Division of Yum Brand China.