Fast-food restaurant chain Subway has announced its largest-ever master franchise agreement.
Fast-food restaurant chain Subway has announced its largest-ever master franchise agreement to develop the brand in the Chinese market. In partnership with Shanghai Fu-Rui-Shi Corporate Development, the American chain will open about 4,000 new restaurants over 20 years.
Subway said the partnership, which will expand the chain's footprint more than seven-fold, will give FRS exclusive rights to manage and develop the company's stores in mainland China.
"This agreement is a significant milestone in Subway's international growth strategy as we continue to focus on strategically expanding our footprint and maintaining our position as one of the world's largest restaurant brands. China is a key market with significant long-term growth opportunity, and we look forward to bringing the Subway experience to even more guests in the region," said Subway Global CEO John Chidsey.
The deal was Subway's 13th in the last two years. Given all the new agreements, the American fast-food giant expects to increase its network by another 9,000 locations soon. In particular, in the Asia-Pacific region, the total number of restaurants will be increased from 3,500 to more than 6,000.