Word: americanizing
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Dates: during 2000-2009
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...Unfamiliarity with Chinese cuisine will be the biggest challenge for P.F. Chang's, the largest Chinese restaurant chain in the U.S., as it heads south of the border. Up until the financial crisis, the $1.2 billion company had a fantastically successful run at convincing Americans to pay upmarket prices for a version of Chinese food designed for American taste buds. But with business slowing down in the U.S. due to the recession and pressure from investors to increase sales, the company is now embarking on an expansion plan to sell its flavor of Chinese fare in several emerging markets. Over...
...this is still Americanized Chinese food that's being translated to Mexicans. In 1993, Ruth's Chris Steak House franchisee Paul Fleming (his initials make up the P.F.) founded P.F. Chang's China Bistro in Scottsdale, Ariz., with the help of Chinese-American consultant Philip Chiang (Chang was derived from Chiang). An alternative to Chinese food-court fare and high-priced formal dining, Fleming's casual-dining chain of bistros soon became a comfortable, go-to place for happy hours, family outings and birthday dinners. You'll find many of them in unexpected places, like Alpharetta, Ga., and Rogers...
...start with Mexico? P.F. Chang's says it was as simple as finding the right local operator. In Mexico, that company is Alsea, which operates more than 1,000 Domino's, Starbucks and other American food outlets throughout Latin America. "It just so happens that Mexico makes a great deal of sense because it's closer [to the U.S.]," says DeAngelis. Greg Ruedy, a restaurant analyst at the Stephens financial-services firm in Little Rock, Ark., says it's logical for the company to start in Mexico given the number of American tourists there, the flow of Mexican migrant workers...
...negotiating a deal to expand to the Philippines, and it's exploring options in Canada, Puerto Rico, India and Singapore. As for China itself, "Time will tell," says DeAngelis. But there's at least one food-industry model that suggests that the company may stand a chance at selling Americanized Chinese food to Chinese in China. After pulling out of the Mexican market in 1992, Taco Bell relaunched in the country two years ago and now has plans to expand to 300 outlets. If Mexicans are willing to spend their pesos on authentic American chimichangas, maybe...
...India outlets, despite the economic crisis. In Mexico, the partner is the billionaire Carlos Slim and his Sears Mexico group. Under a deal signed last year, Benetton aims to open 250 new standalone outlets and boutiques in Sears stores in Mexico. Alessandro is also targeting other Latin American countries as well as Turkey, Russia and China as significant future sources of growth. Conspicuously missing on this list is the U.S.; Benetton recently moved its U.S. headquarters from New York City to Miami, to be closer to the Latin American markets it's targeting. (Read "India: Hey, Big Spenders...