Two Japan-based firms, the Lotte Group and Revamp Corp., will be overseeing the fast-food chain's expansion into the country. "Japan presents significant opportunities for Burger King and is important to our international development strategy," says John Chidsey, CEO of Burger King Corp., in a statement.
In a November presentation to investors Burger King management highlighted Japan as a market with great growth potential and pointed out that competitor McDonald's has nearly 4,000 units there. Other Asian countries the company has targeted for growth are China, Malaysia and South Korea.
Worldwide, Burger King is works to open more than 430 new restaurants next year, most of them in Asia and Europe. Management predicts year-over-year same-store sales growth of 1.1% in next year's first quarter in those regions. Overall, locally based Burger King operates just over 11,000 restaurants in the US and other countries.
The Lotte Group is a conglomerate that invests in a number of industries, including retail, fast food, and hotels. Revamp is a management-services firm that advises the retail, consumer-products and high-tech industries.
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