Iloilo-based restaurant firm expands in Cebu
An Iloilo-based restaurant company is further expanding in Cebu as it cashes in on the restaurant boom in the country's largest market outside Manila.
CBMP Corp., which operates the Charcoal Boy restaurant brand from Visayan city of Iloilo, yesterday launched its fourth branch in Escario Street, Cebu City.
Company owner Jeffrey Luke Martinez said the Cebu market “is worth a try” especially that the food sector in Iloilo is also getting very competitive.
While Cebu's restaurant business in itself is also quite competitive, he said they wanted to introduce the “Ilonggo” dining to the Cebuanos.
The company first entered the Cebu market in 2017 with its first branch here at the Mahogany Place in Mabolo, Cebu City.
Eventually, the company has franchised Charcoal Boy to put up three more stores in Cebu, the latest being the Escario branch.
The two other franchised branches are located in Alfresco Mactan Newtown in Lapu-Lapu City and Parkmall in Mandaue City.
Martinez announced the company remains keen to further expand in Cebu in the future.
The Iloilo firm is optimistic on the robust consumption of the Cebuanos, thus supporting growth of the food business.
Charcoal Boy specializes on oysters and grilled meat and seafood.
While Cebu naturally has many lechon stores around, he said Iloilo also has a lot of oyster restaurants.
The local retail scene remains bullish and upbeat, with the booming food and beverage sector supporting this growth, according to property consultant Colliers International in its previous market research reports.
Colliers had said that the F&B segment continued to be a major driver of retail spending.
Colliers attributed this robust F&B spending to strong remittances and increased purchasing power among millennial employees.
In fact, Cebu, being the largest market outside Metro Manila, has seen the mushrooming of restaurants in recent years as consumer spending remains healthy.
S. Lorenciana