McDonald's plans 10,000 new restaurants by 2027
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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