McDonald’s world’s famous fast food chain has announced it on Tuesday that amid slow growth and sales in the US and Europe, the company is focusing on expanding in International and emerging markets, the company will almost double its number of restaurants in China within the next five years.
McDonald’s will have 2,000 more outlets to its current 2,500 outlets in China, the company is hoping to touch double-digit sales growth with this expansion in the next five years, the company said it in a statement.
Particularly, McDonald’s will launch its restaurants in 3rd and 4th tier cities where 45% of its China restaurants would be located. The company also said that more than 75% of its restaurants will offer delivery.
While announcing expansion plans the company has unveiled its financial plans in which the company has made a strategic partnership with Chinese corporation CITIC Ltd and US based investment company Carlyle Group.
Earlier this year McDonald’s has announced company formation with CITIC Ltd, Carlyle Group and CITIC Capital Holdings to become the franchisee of McDonald’s in mainland China and Hong Kong for 20 years.
Chinese state-owned CITIC is one of the largest conglomerates with business interests in manufacturing, energy, real estate and others. McDonald’s partnership with CITIC becomes the largest partnership outside the US.