NEW YORK, June 6 (Reuters) - Subway reached an agreement with a master franchisee to open nearly 4,000 new sandwich shops across mainland China over the next 20 years, it said on Tuesday.
Other companies are also beefing up their presence in China, including Starbucks, which plans to open 3,000 new stores there by 2025.
Subway's deal with master franchisee Shanghai Fu-Rui-Shi Corporate Development Co Ltd (FRS) is the largest such agreement in Subway's history.
FRS will get exclusive rights to manage and develop all Subway locations in China.
"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," Subway Chief Executive John Chidsey said in a statement.
Persons:
John Chidsey, Hilary Russ, Lincoln
Organizations:
YORK, Starbucks, Shanghai Fu, Corporate Development Co, Asia Investment Capital, Thomson
Locations:
China, U.S