Douglas Foo, CEO of Apex-Pal International, informed that the company has founded its first restaurant, Sakae Sushi, in the midst of the Asian Financial Crisis in 1997, and now it is going to march forward with its new investment plans. But the company is making its movement cautiously. Commenting on its long term view Foo said that at the end of the day, after a V, W or L-shaped recovery, things will eventually move up.
Foo is therefore pressing on with regional expansion in his bid to build Sakae Sushi into the ‘McDonald’s of Sushi’. He told that underscoring the expansion plan is a clear and consistent two-part growth strategy. He added that the first part is to expand the brand’s footprint by taking it to new markets. The second part is to research new concepts and extract value from these through commercialisation.
Foo favours direct investment in markets where profit potential is huge, and joint ventures if partners are able to secure good sites. As for Vietnam, Mr Foo is drawn to it because of its interesting demographics. The country has a young and growing population, and 65 per cent of the people with purchasing power are below the age of 35 – making the market open to new ideas and concepts.
Foo opined that besides establishing a presence in Vietnam, he is also focusing on China, where his company will grow through joint ventures. However, not all expansion plans have got the green light in the current economic climate. As for Sakae Sushi, management is still looking to grow the brand locally. And the top priority is securing Grade A sites.
