Listing at PH, US bourses also being studied
MANILA, Philippines - Home-grown Potato Corner is expected to start its third decade in the business as a global and multi-brand company, with a listing at the local and United States bourses also in the offing.
During the 20th anniversary celebration of Potato Corner, chief executive Jose “Jomag” Magsaysay Jr. said they are now in talks with prospective franchisees in China, South Korea, Taiwan, Japan, Australia, Dubai and New Zealand.
The talks may pay off within this year or early 2013, he said.
In its 20 years in the business, Potato Corner has established a network of about 300 stores spread in the Philippines, the United States, Panama, Indonesia and Malaysia.
Potato Corner cites its US expansion a major success, however, since it attracted partners in other countries.
“Our US operation is really a good showcase. It proved successful and will spur our international growth,” Magsaysay said.
Potato Corner currently has 13 stores in the United States, and will open seven more before the end of 2012. It is targeting 100 stores all over the US next year.
Potato Corner is also looking for other existing brands to acquire in its bid to becoming a multi-brand company.
“Potato Corner will remain as our flagship product and we will continue to put Potato Corner on a pedestal. Locally, we will grow not so much in terms of the number of outlets but in sales. It is a premium brand, so we are very picky on the location. We will help our existing partners increase their sales further through heightened promotions and development of new products,” Magsaysay said.
With a strong foothold, Magsaysay said the company’s board of directors is also considering listing at the Philippine Stock Exchange as well as in the United States.
Magsaysay and three partners started Potato Corner 20 years ago with a meager capital.
“We had to find a way to grow the business given that we did not have enough financial resources to open other outlets after the first store. We also had to compete in an environment with increasing number of competitors in the same business model, which is the kiosk business, and maintain the right cost of goods for our merchandise,” he said.
Magsaysay said Potato Corner is now aiming to become one of a few successful Filipino concepts in the global market.