Yum has announced the opening of its first franchised restaurants in Chinese gas stations, in collaboration with China Petrochemical Corporation (Sinopec) and China National Petroleum Corporation (CNPC).
The first franchised KFC restaurant has been launched in a CNPC gas station in Yunnan Province while the first one in a Sinopec gas station is set to open its doors Liaoning Province next week.
“The first franchised gas station restaurants represent an important milestone in our long-term strategic partnership with both companies,” said Joey Wat, CEO of Yum China. “Together with Sinopec and CNPC, we are committed to building a successful business model and creating innovation-driven growth together.”
The partnership with Sinopec and CNPC will enable Yum China to expand its retail network into a previously underserved segment of the market as both companies collectively operate more than 50,000 Chinese gas stations.
With the partnership, Yum China aims to open more than 100 stores in the next three years and create more opportunities to collaborate in other fields.