Jollibee to open 4 more stores in the US before year ends

MANILA, Philippines - Listed fastfood giant Jollibee Corp. will open four more stores in the US before the year ends despite evidence that the country was headed into a recession. In a statement posted on its Web site, Jollibee said it would open outlets in Moreno Valley and Milpitas this month and two more in West Covina and Stockton in December. The cities are all in California, home to the largest Filipino population in the US. The company will have 24 stores in the US by yearend, including the four it opened earlier. Jollibee said it was also targeting the Hispanic market. The Tan Caktiong-led firm earlier opened a branch in Panorama Mall, where 90% of its clients are Hispanic. Officials of Red Ribbon, a unit of Jollibee, earlier noted that next to Filipinos, Latin Americans were the most frequent visitors to their stores. But there are concerns that a US-led global economic slowdown might affect even the fastfood industry, which is traditionally recession-proof. Earlier this year, rivals McDonald’s, Wendy’s, Burger King, KFC and Pizza Hut reported slower sales in the US due to higher food costs and a slowdown in consumer spending due to the plummeting housing market. A report by American broadcasting network ABC News said the announcements signaled that the country might be entering a recession since the fastfood industry is among the last to feel the effects of a major economic slowdown. — D.G.K. Carreon, BusinessWorld