Feb. 9, 2012 (China Knowledge) - U.S. fast food giant Yum! Brands Inc has said it plans to open more than 150 Pizza Hut stores in China this year with a total investment of RMB 700 million or around US$111.2 million.
These outlets will be principally located in Chinese non-first-tier cites, said Peter Kao, brand general manager of Pizza Hut and Pizza Hut Delivery of Yum! China.
At the end of 2011, Yum! had 4,493 restaurants in China, 626 units of which are Pizza Hut stores. Analysts said China's market size of pizza sector totaled around RMB 8.3 billion in 2010, of which 46.8% was held by Yum!.
The American food giant opened 656 restaurants in China last year, including 327 stores in the fourth quarter.
At present, Yum! owns over 4,400 restaurants under the brands of KFCs, Pizza Huts, East Dawnings and Little Sheep, in China. Little Sheep, a Chinese hotpot chain, was recently acquired by Yum! for around US$586.5 million and delisted from the Hong Kong Stock Exchange
Revenue of Yum! total US$12.6 billion last year, of which US$5.6 billion, or 44.4%, was contributed by the Chinese market.