Hua Huaiyu and Hua Huaiqing were born in a farming family in Cangnan, Wenzhou on 1968 and 1970 respectively. In the 1990s, when KFC and McDonald's entered China and blossomed everywhere in first-tier cities, Hua Huaiqing, who was good at capturing business opportunities, saw people's desire for "foreign fast food" in second-and third-tier cities.
So he and his brother Hua Huaiyu pooled 80,000 yuan together, imitated KFC and McDonald's, and founded Wallace on 200 1 1 8. But soon, the two found that the model of painting a gourd ladle didn't work. Although the unit price of food is high, the sales volume is very small.
Fahrenheit Brothers decided to launch "special price 123" promotion activities-Happy 1 yuan, chicken leg 2 yuan, Hamburg 3 yuan. The move of "losing money to earn money" doubled Wallace's turnover and made the two brothers realize that hamburgers and fried chicken products have strong vitality and broad market, but 80% of ordinary citizens have limited spending power.
Since then, Wallace began to quickly adjust its corporate strategy, and still learned from big brands like McDonald's and KFC in terms of products, services and management standards, but they used "Made in China" production equipment and economies of scale to reduce costs.
In the location of stores, we should actively avoid expensive core business districts and first-class sections, give up children's paradise, choose communities and second-class sections, and gradually explore a mature "cheap burger" business model.
Extended data
"Fahrenheit Brothers" founded Wallace's first restaurant in 200 1 1 8. With the continuous growth of the enterprise, it has experienced several breakthrough development stages: in 2002, the business model was gradually improved; In 2003, chain restaurants opened one after another; In 2004, Wallace's image was constantly upgraded; In 2005, the national chain was fully rolled out; Brand management was on the right track in 2006; In 2007, the visual image was brand-new.
From a restaurant in front of Fuzhou Normal University to a national chain enterprise, Wallace has become a famous trademark in Fujian Province. According to Phoenix Financial Data, as of June 20 14 and 13, Wallace had 4,800 chain stores, 200 more than the 4,600 chain stores of KFC in China at the end of 20 13, ranking the largest fast food chain in Asia.
Baidu encyclopedia _ Wallace fast food
Wenzhou. Com-News- Cangnan two brothers set up a fast food chain "Wallace" to sprint the New Third Board.