When bubbles burst, champagne and caviar are usually among the first consumer products to take a hit. But low-end, high-volume food and beverage retailing benefits. Everyone has to eat and, for most people, the more cheaply the better.
No other country has yet been able to match the resilience of the US fast-food eateries. Or has it? In Jollibee Foods, the Philippines – and perhaps Asia – might have found an answer to McDonald’s.
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