According to a report from Reuters, the restaurant giant Yum is still optimistic about the prospects for China's catering industry and the group plans to open 500 new restaurants in China in 2009 with profit growth targets of 15% to 20%, despite the global slowdown.
As one of the world's largest restaurant chain groups, Yum has more than 850,000 employees working in its over 34,000 chain restaurants in about 100 countries across the world. In China, the group manages restaurant brands that include KFC, Pizza Hut, and Taco Bell.
In 2007, Yum's global business increased by about 20%, but its performance in 2008 may decline because of the global economic crisis. However, the group is still confident in the Chinese market. Yum has announced plans to open 1,500 new restaurants worldwide in 2009. Of which, 500 will be opened in China.
In addition, to maintain its rapid growth in the Chinese market, the group plans to launch new products which cater to the tastes of Chinese consumers.