ANN ARBOR, Mich. /PRNewswire via COMTEX/ -- Domino's Pizza (NYSE: DPZ), the recognized world leader in pizza delivery, will enter Germany by completing a Master Franchise Agreement with the founder of Grand City Property Group and Grand City Hotels. Plans are to start in Berlin, and grow throughout the entire country.
Mr. Yakir Gabay, the founder of the Berlin-based group, manages more than 3,000 residential units and 1 million square feet of commercial property in Germany, as well as more than 80 hotels. As the leader of Grand City Hotels, Mr. Gabay has overseen the company's rapid expansion to become the second largest hotel operator in Germany. This unique and valuable experience will be leveraged with the aggressive development of the Domino's Pizza Brand across Germany.
"Establishing ourselves in the German market presents a great opportunity for our business," said Michael Lawton, Executive Vice President of Domino's Pizza International. "Mr. Gabay and his partner will be a great fit for Domino's. I am confident that his knowledge of multi-unit development and operational excellence in this market are two things that will be critical to the success of our brand."
Mr. Gabay's partner, Mr. Birgir Thor Bieltvedt, will be CEO of the new Master Franchise. He brings a wealth of proven Domino's experience, having previously been the principal shareholder and former CEO of Domino's Pizza in Iceland and Denmark. "Mr. Gabay and I are anxious to leverage the exceptional strength of the Domino's Pizza Brand and we are confident that the convenience and quality we deliver will be a great fit for German consumers," said Mr. Bieltvedt.
The German market, which consists of 40.7 million households, is a growing market for pizza delivery and Domino's plans are for rapid expansion through both corporate and sub-franchised stores. Germany has the 5th largest economy in the world and the largest economy in Europe.
Founded in 1960, Domino's Pizza is the recognized world leader in pizza delivery. Domino's is listed on the NYSE under the symbol "DPZ." Through its primarily locally-owned and operated franchised system, Domino's operates a network of 9,036 franchised and Company-owned stores in the United States and over 60 international markets. The Domino's Pizza(R) brand, named a Megabrand by Advertising Age magazine, had global retail sales of over $5.6 billion in 2009, comprised of nearly $3.1 billion domestically and over $2.5 billion internationally. During the first quarter of 2010, the Domino's Pizza(R) brand had global retail sales of over $1.4 billion, comprised of nearly $823 million domestically and over $644 million internationally. Domino's Pizza was named "Chain of the Year" by Pizza Today magazine, the leading publication of the pizza industry. In 2009, Domino's ranked number one in customer satisfaction in a survey of consumers of the U.S. largest limited service restaurants, according to the annual American Customer Satisfaction Index (ACSI). Domino's has expanded its menu significantly since 2008 to include Oven Baked Sandwiches and BreadBowl Pasta(TM), and recently debuted its 'Inspired New Pizza' - a permanent change to its core hand-tossed product, reinvented from the crust up with new sauce, cheese and garlic seasoned crust.
SOURCE Domino's Pizza