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McDonald's Korea continues to seek a strategic partnership to ensure smooth business operations amidst rising competition. Despite two previous attempts to offload the business due to low sales, the company reaffirmed its commitment to long-term growth and expansion during a conference marking its 35th anniversary.
According to The Korea Times, McDonald's tried to offload its business unit in Korea twice already - in 2016 and again in 2022. The company cited low sales leading to unprofitable operations as the reason for the move.
It was explained that since 2019, the Korean unit of McDonald's has been incurring operating losses for four consecutive years, starting with KRW44 billion or about $33.83 million, followed by KRW48.3 billion, KRW27.8 billion, and KRW27.7 billion losses.
Last year, the company was in talks with Dongwon F&B for a possible acquisition deal. The tuna manufacturer joined the preliminary bidding at that time, but the two sides could not reach an agreement regarding the sale price. Based on the reports, McDonald's suggested a price of KRW500 billion, but Dongwon did not accept the proposal.
"McDonald's operates its franchise business through strategic partnerships in approximately 80 countries worldwide. McDonald's Korea is also searching for a partner company to achieve long-term growth and development," Kim Ki Won, the chief executive officer of McDonald's Korea, said during a press conference in Seoul. "Our objective is not to pursue a short-term profit-oriented acquisition. We are currently evaluating various options and will disclose our decision at an appropriate time."
Meanwhile, Korea Joongang Daily reported that McDonald's Korea further revealed that it is planning to add more stores and have 500 outlets by 2030. The plan is to open 10 new stores by 2025 and then build 30 more in the succeeding five years. The fast food chain also shared it will release new menu items for the local market to celebrate its 35th anniversary.
"From serving 3,000 customers and generating annual sales of KRW1.7 billion or $1.3 million in our first year in 1988, we have evolved into a company with over 1 trillion won in annual sales, attracting 400,000 customers daily," the McDonald's CEO added. "Currently, we serve around 400,000 people per day, equivalent to approximately 277 customers every minute."
Photo by: Jonathan Marchal/Unsplash
