KARACHI: A central Texas-based US fried chicken chain is all set to enter Pakistan.
The Golden Chick Restaurant — Chicken Tender-Fried Chicken will initially open three restaurants this year and aims to raise the number to 30 joints in subsequent years.
The company signed a ‘letter of intent’ with Crescent Star Foods (Pvt) Limited (CSF), a wholly-owned subsidiary of the Crescent Star Insurance Limited on Tuesday.
Talking to Dawn, Naim Anwar, the CEO of Crescent Insurance Ltd and its subsidiary, said the three restaurants with which the US chicken chain is to make first foray into the country would cost Rs300 million.
He added that a flagship restaurant would be set up in Lahore while two others would be set up in Karachi and a smaller town.
“Golden Chick would also introduce ‘roasted’ chicken (charga),” he said.
Market sources suggest that Pakistan ranks among the top 20 chicken consumers, with poultry consumption at 834,000 tonnes a year.Golden Chick set to enter Pakistan
A person indirectly related to the business presented current numbers which show KFC at the top with 37pc market share followed by McDonalds 26pc; Hardee’s 6pc; Fat Burger 3pc; Johnny Rockets 2pc and Burger King 2pc.
Yet most people associated with the fast food industry believe that the demand is not about to end. “With higher spending power of the middle and upper middle classes and the country’s demography that places youth of under 19 (prime consumers of fast food) to constitute an overwhelming 45pc of the entire population, the market share and margins of most players are assured,” he said.
He contended that of all the fast food outlets in the business, only KFC was concentrated in chicken while the remaining also catered to other items such as beef burgers.
He believed that even in chicken the Golden Chick would have an edge against other players that serve either framed-grilled chicken or fried chicken.