Domino's Pizza to close all locations in Italy after 7 years: report
Domino’s Pizza, Inc. entered the Italian fast food market in 2015 with help from franchise company, ePizza SpA
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It appears that Domino’s Pizza, Inc. has called it quits in Italy.
The American multinational fast food pizza chain is reportedly shutting down its remaining locations in the world’s pizza capital after seven years of operation, according to Bloomberg News.
Domino’s partnered with ePizza SpA, a national restaurant franchise company, to bring affordable American-style pizza to the European country.
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However, the company’s goal of opening 880 locations in Italy did not work out in face of the many thriving pizza businesses owned by locals, Bloomberg reports.
A ‘For Sale’ banner has been posted outside a closed Domino's location in Rome, Italy, on Tuesday, Aug. 9, 2022. (Alessia Pierdomenico/Bloomberg via Getty Images / Getty Images)
Bloomberg also reports that Domino’s hadn’t reached its original goal and has now shuttered the 29 locations that remained standing after the failed expansion.
The stores that appear on the delivery and takeaway location finder on the Domino’s Italia website feature a red-labeled message that states online ordering is currently unavailable.
This message has been applied to more than a dozen locations that are spread out across Rome, Verona, Monza, Torino, Parma and Vincenza.
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FOX Business reached out to Domino’s for comment.
In July 2022, the Michigan-based pizza company noted in its Q2 2022 Financial Results that international same-store sales declined by 2.2%, excluding foreign currency impact.
Domino's Pizza Inc. is headquartered in Ann Arbor, Michigan. (Andrew Harrer/Bloomberg / Getty Images)
Prior to the Domino’s shutdown, insiders at ePizza SpA said that they believe competition from local mom-and-pop restaurants and the rise of food delivery presented challenges for the American chain, which was noted in the franchisor’s fourth-quarter earnings report from last year, Bloomberg reports.
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Non-pizza-focused American fast food chains have seen some success, however, including McDonald’s, Burger King and Kentucky Fried Chicken.
Pizza is known to many as a staple dish in Italian cuisine. The sauce-covered and cheesy flatbread can be traced back to the Neapolitan Middle Ages, according to Encyclopedia.com.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DPZ | DOMINO'S PIZZA INC. | 469.18 | +15.83 | +3.49% |
Modern pizza might have roots in Italy, but the dish has become a favorite meal for people worldwide. (iStock / iStock)
Italy has an estimated 63,000 pizzerias, according to an article published by Italy Segreta – a monthly lifestyle magazine focused on Italian food and travel.
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The global pizza market is expected to reach a $233.36 billion value in 2023 (10.17% compound annual growth rate), according to a market research forecast published by Businesscoot, a French-owned market research and industry report firm.