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McDonald's is looking to expand its business further in China. To do this, it plans to open 1,000 new stores before the end of this year. This move will also bolster the restaurant chain's presence in the Chinese market.
Moreover, McDonald's is pushing through with this plan as the demand for fast food recently increased despite economic troubles in the region. According to Business Insider, the expansion is an ample financial opportunity for the brand, especially today, because the locals prefer cheaper dining options.
McDonald's Major Goal in China
The American burger joint hopes to launch a thousand new outlets in the country by the end of 2024. Based on the reports, this ambitious plan to expand quickly by building new stores is part of the brand's primary goal of having 10,000 locations in the territory by 2028.
Additionally, the 1,000-store target for this year alone is expected to keep pace with McDonald's record-breaking growth last year. Since most prominent locations already have McDonald's outlets, the latest expansion focuses on building stores in lower-tier cities nationwide.
Growing Fast-Food Competition
Then again, the home of Big Macs is still facing stiff competition in the region. While it may be able to launch hundreds of additional outlets, it has to face big rivals such as Yum China's KFC and Pizza Hut, as per Semafor. Yum China's recent financial results showed increased profits that were mainly boosted by the surge in sales of the two restaurants.
Still, McDonald's chief financial officer Ian Borden believes the company's brand can gain a more significant market share in China after the expansion. "We think there's going to be an opportunity for us to continue to build out development and penetration in that market to many places where we do not really have McDonald's presence," he said.
Photo by: Declan Sun/Unsplash
