| |
| |
 |
| |
|
| |
|
| |
|
SINGAPORE: US chocolate maker Hershey Company is expanding in Southeast Asia and the Middle East.
It is setting up its first store in Singapore through an exclusive franchise, and plans to branch into other areas in the region such as Malaysia, Thailand and Indonesia.
The first outlet will be based in Singapore's Resorts World Sentosa integrated resort.
Hershey's is working through an exclusive franchise that it has awarded to Singapore firm Gill Capital for an undisclosed sum.
It plans to open up to seven stores in Singapore within three years.
"Orchard road is an area that we are closely investigating right now and of course we are looking at some other premier malls in Singapore," said Ted Jastrzebski, senior vice president of The Hershey Company.
Its Singapore franchisee, Gill Capital, spent up to S$1.4 million to do up its first store in Singapore.
It also plans to take on Malaysia, Indonesia and Thailand, which it believes can support four to six stores per market.
Hershey's is eyeing a larger chunk of the Asia-Pacific candy market worth an estimated US$19.3 billion.
Beyond Asia, Hershey's is also looking at the Middle East.
Said Sunaina Gill, director of Gill Capital: "In the Middle East, we are looking at the UAE, Kuwait and Qatar. The UAE can take approximately four to six stores, Kuwait and Qatar can both take around two to three stores."
Hershey's is working to grow its revenues outside of the US.
Last year, Hershey's global revenue was US$5.3 billion, of which about 15 per cent was outside the US.
The company declined to give its target for this year.
- CNA/yb
|
