Taking a bite out of fast food: An Ele.me food delivery courier on his electric bicycle along a street in Shanghai, China. A slowing economy and a rise in food delivery apps are putting the squeeze on fast food chains like Yum Brands Inc's KFC and Pizza Hut in China.
SHANGHAI: As China's economy stutters, growing numbers of diners on a budget are tapping into smartphone applications to snap up meal delivery deals, spelling big trouble for fast food chains like Yum Brands Inc's KFC and Pizza Hut.
People like Li Jiali, a 20-year-old Shanghai student, say they have all the dining options they need nestling in their phones, without needing to venture out of the house. Yum's shares dived this week after it said it's way behind target in a bid to recover from damaging food scandals in China, its top driver for profit and revenue.
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