Proactive Investors - Pizza Pizza (TSX:PZA) Limited announced that it has expanded into Mexico with the opening of its affiliated brand PZA Pizzeria restaurants in Guadalajara and Ajijic on April 17, 2023.
Paul Goddard, CEO of Canada’s largest pizza franchise, told the Financial Post recently that its move south of the US border was in response to concerns the Canadian pizza market is becoming too saturated.
“I think we’re still a long way from that, but in a place like Toronto, for instance, we have 200 locations,” Goddard said.
“We don’t need 500 locations in the city of Toronto. That would probably be too many.”
Pizza Pizza currently has more than 700 restaurants across the Canada and Goddard said he thinks 1,000 is probably the maximum.
Mexico’s PZA Pizzerias will include old favourites, such as pepperoni, but also local flavours, such as shredded pastor pork, a Mexican favourite marinated in a sauce of chilies, garlic, onions and vinegar.
Publicly-traded Pizza Pizza Royalty Corp indirectly owns the Pizza Pizza and Pizza 73 Rights and Marks in Canada, the PZA Rights and Marks in Canada, US and Mexico, and has licensed these and other trademarks to Pizza Pizza Limited.
Pizza Pizza Royalty currently pays a dividend yield of about 6.3%.