You'll soon see more golden arches popping up around the world.
McDonald's said on its investor day Wednesday that it plans to open nearly 10,000 new restaurants over the next four years, with a total goal of 50,000 stores globally. This would mark the company's fastest period of growth in its history.
It plans to open 900 of those new stores in the U.S. and 1,900 internationally, with hopes of another 7,000 international restaurants owned by licensees. More than half of those McDonald's would be in its second-largest market, China, according to The Associated Press.
Along with announcing the ambitious expansion goal, the company shared further details on its new restaurant format, CosMc's — designed to fill the company's mid-afternoon slump in sales.
The company will open 10 of these new CosMc's, with menu items like churro frappes or Egg McMuffins, in the first half of 2024, with one in Chicago and the rest in Texas. Expansion plans for the new venture will be based on the initial locations' success rates.
But beyond physical expansion plans, McDonald's also shared its goal to increase its loyalty program from 150 million to 250 million users by 2027, upping system-wide sales to $45 billion.
It's also pumping energy into increasing its delivery and drive-thru strategy, with locations closer to ordering customer homes and fixing traffic congestion at the windows.
A final note Wednesday was behind-the-scenes at McDonald's. It's partnered with Google Cloud to introduce AI solutions to its automation and equipment practices, hopefully reducing the amount of times that ice cream machines break.
"We have a clear trajectory for future growth as we continue to build on the brand strength, global footprint and digital ecosystem that have resulted in unparalleled competitive advantages and cemented McDonald's as one of the world's leading consumer-facing brands," said Chris Kempczinski, McDonald's president and CEO.
McDonald's has largely been less impacted than other establishments in this time of an unsteady economy.
At the end of October, the company's revenue beat analysts' expectations, according to CNBC, reporting a third-quarter net income of $2.32 billion versus $1.98 billion a year prior.
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