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Domino's Pizza, Inc. (NYSE:DPZ) has an ambitious plan to increase its global footprint by 10,000 stores through 2025, CEO Ritch Allison told CNBC's Jim Cramer Wednesday.
What Happened
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Speaking as a guest on Cramer's daily "Mad Money" show, Allison said he expects the global pizza chain to have 25,000 stores worldwide by 2025. Around 8,000 of these stores will be located in the U.S., with the remainder spread out across 85 international markets, he said.
Adding new stores is part of the company's "strategy to fortress the markets" in which it already operates, Allison said.
New locations bring additional benefits, including lower delivery costs as a result of customers being nearby, the CEO said. Delivery drivers also benefit from an expected uptick in delivery runs per hour, he said.
Why It's Important
Domino's credits most of the growth ambitions to its workers, Allison said. More than 90 percent of franchisees in the U.S. started their careers at Domino's either delivering pizza or taking customer orders, he said.
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"It's just a great way to build a business."
What's Next
If Domino's wants to create and maintain a true global pizza empire, its CEO said it needs to continuously improve the customer experience. Allison said the company has an objective of being able to reduce a 9-minute delivery drive to 5-6 minutes.
This implies the entire ordering process — from menu selection to arrival at the customer's home — would take less than 25 minutes.
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Domino's CEO Ritch Allison. Photo courtesy of Domino's.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.