IRVINE, Calif., May 25, 2017 /PRNewswire/ -- As part of its
strategy to grow from $10 billion in
annual sales today to $15 billion in
annual sales across its global business by 2022, Taco Bell
announced at its 2017 investor and analyst day its plans to add
restaurants domestically, and revealed four key international
markets that it will focus on as it continues to grow as a global
brand.
Taco Bell recently announced its plans to grow as a system to
approximately 9,000 restaurants globally in the next five years,
opening the door of opportunity for 100,000 new jobs in the U.S.
alone. Between 2012 and 2016, Taco Bell opened more than 600 net
new restaurants (excluding license units) domestically, and plans
to improve upon 2016's growth rate in 2017. Internationally, Taco
Bell will focus its growth in Brazil, Canada, China
and India, targeting at least 100
restaurants in each market. Today, Taco Bell operates more
than 6,650 restaurants in 23 countries.
At a company well-known for evolving and innovating its menu
offerings with craveable creations, Taco Bell is on a journey to
create relevant experiences in its restaurants with open kitchens,
shareable food, digital menu boards and the opportunity to create a
community atmosphere utilizing local reclaimed elements and
artwork. By smartly managing building costs and design, Taco Bell
has expanded into rural markets and has furthered its suburban
penetration. To add to its recent development success, Taco
Bell will enter highly pedestrian urban areas that do not have room
for a drive thru. The brand will use its inline and Cantina
restaurant concepts for these locations.
"We have tremendous potential to continue to grow this brand
domestically, as well as globally, with our world-class franchise
system," said Brian Niccol, Chief
Executive Officer at Taco Bell. "We are already off to a great
start by continuing with breakthrough menu innovation, digital
innovation and diversifying our development portfolio. Our
new and remodeled restaurants deliver a Taco Bell 'category-of-one'
brand experience for suburban, urban and rural markets."
Suburban
Last year, Taco Bell announced four new
restaurant designs that will provide tailored concepts reflecting
the local community – Heritage, Modern Explorer, California Sol and
Urban Edge. All four test locations
opened in Orange County,
California in 2016, and two new restaurants in Bay City, Michigan and New Whiteland, Indiana opened earlier this
year. By the end of 2017, an additional 350 restaurants will
have been refreshed, bringing the total number to about 80 percent
of the system. In the past five years, Taco Bell and its
franchisees have invested more than $600MM to re-image more than
2,700 restaurants.
"Innovation on our menu and building design, along with social
experiences are going to fuel our growth," said Liz Williams, Chief Financial Officer at Taco
Bell. "Domestically we're looking at opportunities to increase our
penetration in underserved markets while internationally we're
evaluating new markets to serve customers we aren't currently."
Urban Inline
In late 2015, Taco Bell opened its first
Taco Bell Cantina restaurant in the Wicker Park neighborhood of
Chicago. Since then, eleven urban
inline stores have opened in cities, including San Francisco, New
York, Chicago and
Atlanta. Along with Wicker Park,
five are Cantina locations, meaning they serve alcohol:
Austin, Las Vegas, San
Antonio and Berkeley,
Calif.
"Urban markets require a different approach for Taco Bell to
stay relevant for consumers and create a successful business model
for our franchisees," said Mike
Grams, Chief Operating Officer at Taco Bell. "Taco Bell has
a lot of opportunity in areas such as New
York City and Chicago, and
we have a great solution for our franchisees and developers with
our urban inline and Cantina concepts."
By 2022, Taco Bell expects at least 300 of the new locations to
be urban inline restaurants in markets with great growth
potential.
International
With the recent opening in the Netherlands, Taco Bell currently
has 350 restaurants in 22 countries outside the U.S. In
the next five years, the company plans to
operate approximately 9,000 restaurants—up from 6,650
locations today—in more than 40 countries.
"We're seeing tons of enthusiasm from our fans and franchisees
to expand Taco Bell globally," said Melissa
Lora, President of Taco Bell International. "We're focusing
our efforts on four key markets that have billions of people and a
strong youth culture. We believe Taco Bell can become a
global powerhouse."
Taco Bell will open in many new markets, but remain focused on
four key markets where it expects to open more than 100 restaurants
each– Brazil, Canada, China
and India. Additional international growth markets gaining
scale include Spain, Guatemala, South
Korea and the United
Kingdom.
About Taco Bell Corp.Taco Bell Corp., a subsidiary of
Yum! Brands, Inc. (NYSE: YUM), is the nation's leading
Mexican-inspired quick service restaurant (QSR) brand. From
breakfast to late night, Taco Bell serves made-to-order and
customizable tacos and burritos, among other craveable choices, and
is the first QSR restaurant to offer American Vegetarian
Association (AVA)-certified menu items. Taco Bell and its more than
350 franchise organizations proudly serve over 46 million customers
each week through more than 6,000 restaurants across the nation, as
well as through its mobile, desktop and
delivery ordering services. Overseas, Taco Bell has 350
restaurants, with plans to operate a total of 9,000 restaurants in
more than 40 countries. The brand encourages its fans to "Live Mas"
and connects with them through sports, gaming and new music
via its Feed The Beat® music program. Taco Bell also
provides education opportunities and serves the community through
its nonprofit organization, the Taco Bell®
Foundation™, and connects fans with their passions through
programs such as the Live Mas Scholarship program. In
2016, Taco Bell was named as one of Fast
Company's Top 10 Most Innovative Companies in the World.
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SOURCE Taco Bell Corp.