CEO of Subway China: Cash flow for each store in China is positive, and plans to open over 350 new stores this year.

On June 6th, during the first "66 Saifen Festival" of Subwai China, CEO Zhu Fuqiang stated in an interview that the company plans to continue setting a record by opening over 350 new stores this year. Earlier this year, the operating entity of Subwai China, Shanghai Furui Food Development Co., Ltd., significantly increased its capital from $58 million to $93 million, with the increase mainly used for brand expansion and digital upgrades. Subwai entered the Chinese market in 1995, with the number of stores in China surpassing 500 by June 2023. A new strategic plan was launched in the second half of 2023, resulting in the addition of 500 new stores in just over two years by the end of last year. Currently, the total number of Subwai stores in China has exceeded 1200. Zhu Fuqiang said they will continue to expand at a rate of 300 to 500 stores per year, focusing on core business districts in first and second-tier cities and provincial capitals, as well as expanding into lower-tier markets with demand. He also mentioned that the Chinese food and beverage market has not deteriorated, but has entered a stage of refined operation. The brand has maintained close to double-digit growth in same-store sales without including new store expansion, and the cash flow of individual stores is positive, meeting the expectations for brand development.