As we have been using about the last three years, our biggest constraint actually was on the sales side due to disruptions of the pandemic. So going forward, we will focus even more on driving sales, and then continue the disciplined approach, which includes accelerating store growth, Andy talked about targeting 1,100 to 1,300 net new stores in 2023. Secondly, optimize the store format, because there’s still a lot to be done. We have done, I think, a pretty decent job with KFC and Pizza Hut. But let’s not forget, in the last three years, the smaller brands actually had more challenging time to test, to try their store format, their sales, the different system piece of store models, and we are certainly looking forward to the — a bit more supportive environment for the smaller brands to grow.
And third, to invest, to strengthen our strategic moat in terms of supply chain, digital, et cetera. So I hope that gives you a sense about our focus. Our focus is still on resiliency, growth and strategic move in our anti-fragile operations, which have improved in the past three years, will continue with strong focus on sales. Thank you.
Andy Yeung: Let me add another point, which is when we look at our store network expansion, I think we have been very disciplined all through — since the spin off, right? And so we’re very consistent about that. Within that very consistent approach, very — and disciplined approach is building a mechanism to accelerate growth, when the unit economics perform well, and decelerate when the unit economics is not performing as well. As we mentioned before, if you think about us, when times are better and we saw format right and performing really well, the store manager themselves or the market manager themselves will propose more store and then more store will be approved by our model and vice-versa. And so this is a case example.
If you look at Pizza Hut, Pizza Hut before pandemic, it was a rejuvenation program. And you see the store unit economic at that time, new store unit economic at the time was partially constraint. And, therefore, you see limited net new store growth for Pizza Hut. And then with the success of the satellite store model, you see a pretty significant acceleration for the store development there. And so I think our model and our approach is — while it’s disciplined and systematic, it also reflects very much the current economic conditions and our unit economics, which will accelerate and decelerate according to unit store performance. Thank you, Xiaopo.
Wei Xiaopo: Great. Thanks. Looking forward to meeting both of you very soon physically. Thank you.
Andy Yeung: Absolutely.
Joey Wat: Yeah.
Operator: Thank you. Your next question comes from Michelle Cheng from Goldman Sachs. Please go ahead.
Michelle Cheng: Hi, Joey, Andy. Thanks for taking my question. So my question is about the promotion activities and the competition landscape. We know in the past few years, the smaller players have been squeezed out significantly, and this actually benefit our business. So going forward, in the new reopening world, how should we think about the competitive landscape changes? And also, on the other side, we know the consumption power has been pretty challenging these days. So what is your strategy to drive traffic back leveraging those promotion activities? Thank you.
