Dec 6, 2023 - Economy

McDonald's plans 10,000 new restaurants by 2027

McDonald's sign in front of a restaurant location

McDonald's is looking to grow its global footprint to 50,000 locations by 2027. Photo: Justin Sullivan/Getty Images

McDonald's officials said Wednesday that the company is planning to expand at a record pace and open 10,000 new restaurants by the end of 2027

Why it matters: The restaurant expansion is expected to drive global sales and profitability for the fast-food giant. Just around 900 of the new locations are expected to be in the U.S.

Driving the news: The fast-food giant unveiled new growth targets Wednesday on how it will grow sales around the world during an investor event.

  • With the expansion, McDonald's global store count is expected to grow to 50,000 locations in the next four years.

Context: In the last decade, McDonald's has grown by 5,000 locations, said Manu Steijaert, the company's executive vice president and global chief customer officer.

  • It took the company 33 years to get to its first 10,000 locations, Steijaert said.

Zoom in: In addition to expanding locations, officials outlined a plan to grow loyalty members from 150 million members to 250 million members by 2027.

  • Loyalty members spend twice as much as non-members, McDonald's USA president Joe Erlinger said.
  • The chain will bring updates to its burgers to "nearly all markets" by 2026. The burger updates have been rolling out in the U.S.
  • McDonald's also announced a partnership with Google Cloud Wednesday to apply generative AI solutions across its restaurants worldwide.

Of note: Starbucks announced last month that it plans to open 17,000 stores to bring its global store count to 55,000 by 2030.

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