Word: kfc
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...food is "a little too oily," he says, but he likes the soy-milk drinks, and "the prices, of course, are very reasonable." (A meal of noodles, tea and custard dessert costs $4.) With eight storefronts around Shanghai, East Dawning could soon give China's biggest fast feeder, KFC, a run for its money. Good thing for them they're playing on the same team...
Starbucks has the gall to sling its lattes for coffee connoisseurs in Vienna, and Budweiser peddles its brew in Belgium. So why shouldn't Yum Brands--the Louisville, Ky.-based company that owns KFC, Pizza Hut, Taco Bell and more--sell dumplings in a fast-growing market where Chinese food is just called food? Heck, while they're at it, why not sell tacos in Mexico? Yum is doing both, with the test-marketing of East Dawning in Shanghai and the opening of a Taco Bell in Monterrey last fall. Yum's iconoclastic CEO, David Novak, likens...
...KFC and Pizza Hut restaurants now number more than 12,000 in 110 countries outside China, says Graham Allan, president of Yum Restaurants International (YRI). Of those stores, 85% are owned and run by franchisees. Operating profit more than doubled, from $186 million in 1998 to $407 million in 2006. International profits drove the stock price up 82% over 10 years. Yum's largest markets overseas include Australia and the U.K. Pizza Hut ranks as the most trusted food-service brand in India, and Russia will soon greet the Colonel through a partnership with top chicken chain Rostik...
...then there's China, where Yum is so big that it has reported earnings separately since 2005. Profits from Yum's stores in China, Thailand and Taiwan popped 37% in 2006, while all other international profits grew 11%, domestic a mere 3%. A KFC opened nearly every day in China last year, and KFCs and Pizza Huts now number more than 2,300. (McDonald's has about 1,000 restaurants, not that Yum keeps track.) Sam Su, who runs Yum in China, projects 20,000 stores someday. "We're nowhere close to saturation at all," he says...
...dancing teapots while reminding the audience of China's Buddhist roots. A mountaintop temple is being built nearby to ensure the resort's feng shui, and reminders of modern China are everywhere within the alpine resort itself. One of those quaint Swiss chalets is, in fact, a KFC outlet, while that "mist" rising from the hills is actually smog...