Taco Bell Is Hungry for Global Expansion
Taco Bell is ready to serve up Waffle Tacos everywhere from Peru to India.
Taco Bell announced plans to add 1,300 new locations internationally by 2023 -- a significant increase from its current 250 locations overseas. The increase in international units would, by the company's estimates, generate an additional $2 billion in sales.
Growth will be focused in European, Asian and South American countries including the U.K., Korea, Japan, Chile, Peru and India.
The chain franchises 250 restaurants in 26 countries internationally -- notably less than its Yum Brands sister chains, KFC and Pizza Hut. KFC especially relies on international sales, with more than 4,600 restaurants in China making up about a third of total global KFC locations.
The international focus is part of Taco Bell's larger plan to become a $14 billion brand by 2022. In addition to the influx of international locations, Taco Bell also plans to add 2,000 restaurants domestically. Right now, the chain has nearly 6,000 locations in the U.S., opening a record-setting 200 new restaurants domestically in 2014.
Taco Bell has celebrated a strong year keeping things domestic. While Pizza Hut floundered prior to a menu makeover and KFC struggled following an expired meat scandal in China, Taco Bell reliably increased sales and maintained social media buzz throughout 2014. Now it's time to see if the success can continue overseas.