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The Investor Sentiment - Equity and investments forum for Sri Lankans

The Lankan Investor Forum - A more respectable and reasonable place for members to discuss matters regarding the CSEThe Lankan Investor Forum - A more respectable and reasonable place for members to discuss matters regarding the CSE

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    Subway plans 30-store sandwich chain in Sri Lanka

    sashimaal
    sashimaal
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    Posts : 5785
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    Subway plans 30-store sandwich chain in Sri Lanka Empty Subway plans 30-store sandwich chain in Sri Lanka

    Post by sashimaal Thu Jul 24, 2014 9:05 am

    July 23, 2014 (LBO) - Subway, a US-based fast food franchise which launched in Sri Lanka this week is planning a 30-store chain in the island over the next five years, officials said.

    Subway opened its first store in Colombo's upmarket R A De Mel Mawatha this week.
    "We are planning to open 30 stores in Sri Lanka within next five years and double it within another five years’ time, Asanth Sebastian, co–franchise owner said.

    The firm has invested about 500,000 US dollars in the venture with total investment including marketing to kick-off the brand estimated at about a million US dollars.

    The chain has expanded into over 100 countries with its trademark submarine sandwiches and salads.

    "What we will do in the years to come is to find customize locations to suits the market," Nathan Wills, Chairman of Subway Development (Pvt) Ltd, Sri Lanka said.

    "The store you have seen today at R A De Mel Road (Colombo) is quite rich and lavish. We can scale it up or scale it down according to the location or the shopping center."

    Sebastian said up to three more restaurants may be opened this year.

    "We are planning to open two to three subway stores in Sri Lanka this year," Sebastian said.

    "Initially we will launch Subway in Colombo and greater Colombo and then we will be looking at Kandy Galle ,Matara , Rathnapura and so on."

    Officials said the franchise was on offer to Sri Lankan entrepreneurs, who can operate their own restaurants.

    "All we see is an aggressive growth plan for Sri Lanka, it’s up to the local entrepreneurs to join with us for our growth plan in Sri Lanka."

    Around the world the chain now employs over 400,000 people. The Sri Lanka operation so far employs 35 people.

    Wills said each store will need an investment of about 300,000 US dollars

    "We also have a strategy called nontraditional location which are airports, hospitals etc. where we have the ability to put a store in a competitive location," Wills said.

    Sebastian said with Sri Lanka targeting 4000 US dollar per capita income, eating out among consumers is expected to increase.

    "Also with the influx of tourists we see an opportunity," he said. They also like to experience international brands with a local taste which they have experienced internationally. So that where the Subway is a natural fit in Sri Lanka."

    http://www.lankabusinessonline.com/news/subway-plans-30-store-sandwich-chain-in-sri-lanka/843464222
    sashimaal
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    Subway plans 30-store sandwich chain in Sri Lanka Empty Subway franchise open for local entrepreneurs

    Post by sashimaal Thu Jul 24, 2014 9:17 am

    The world’s largest submarine sandwich chain, Subway officially opened its first store in Sri Lanka yesterday and announced they would provide the opportunity for local entrepreneurs to open outlets under the franchise to rapidly grow its chain of stores throughout the country.

    The franchise-owner and the Chairman Subway Development (Private) Limited, Nathan Wills called on interested parties to register themselves with Subway.com.

    “Certainly we are looking for local entrepreneurs to develop the brand with us,” Wills said.

    Established in 1965 in Milford, Connecticut, Subway has now grown to 42,000 stores, operating through entrepreneurs in 107 countries, and none owned by its co-founders Fred DeLuca and Dr. Peter Buck.

    Meanwhile Wills said he doesn’t want to open up for entrepreneurs in a rush but said he needs time to taste the local market for at least 12-months to develop the brand in Sri Lanka.

    Subway was invited to Sri Lanka by the Australia-based financially diversified holding company Ataraxia Capital Partners (Ataraxia) who made in-roads to Sri Lanka in 2009 and later set up an asset management firm, Arpico Ataraxia Asset Management in 2011, as a joint venture with Richard Pieris & Company PLC.

    According to Ataraxia’s Partner/ Head of Investments, Sharad Sri, the selected local entrepreneurs will be sent to India on a two-weeks training program.

    Starting 10 years ago, India now has over 450 Subway stores growing at two stores a week.

    Explaining the benefits of partnering with Subway, he said, those entrepreneurs would also have easy access to finance, due to Subway’s potential.

    “If you go to the bank with Subway behind and say that you have been selected as a Subway franchisee, they (banks) will also know how the system works and it makes easier for you to borrow,” Sri said.

    Subway is the world’s leading fast food quick service restaurant operator in the world.

    Furthermore, Ataraxia is planning to invest between Rs.100 to Rs.150 million during the next 12-months to expand its network to at least five, Sri said.

    Post-war Sri Lanka has been an attractive market place for global high-end fast food restaurants particularly due to its growing middle and uppermiddle income class.

    A luxury Italian restaurant chain SOHO is also tipped to open a shop in Colombo next month.

    While fast dining is picking up among the growing urban sector, dining in a relaxed environment is also increasingly sought after by the busy city dweller. (DK)

    http://www.dailymirror.lk/business/other/50030-subway-franchise-open-for-local-entrepreneurs-.html

      Current date/time is Wed Jun 19, 2024 10:03 pm