A plan by McDonald's to open 2000 new stores throughout mainland China by 2022 may just be the biggest mac attack of them all. According to The Street, the deal comes as part of a deal in which the company sold most of its Chinese stores to Carlyle Group and CITIC Ltd. – a state-backed Chinese conglomerate – for $2.1 billion earlier this year. As part of the deal, McDonalds is opening an additional 500 stores a year until 2022.
In a press release, McDonald's CEO and President Steve Easterbrook said "China will soon become our largest market outside of the United States. We are excited to join forces with CITIC and Carlyle for better localized decision-making to meet changing customer demands in this dynamic market."
McDonald's is not alone in rapid expansion on the Chinese mainland. According to Forbes, Starbucks recently affirmed its plan to bring its total number of stores to 5000 in China, effectively doubling its presence there.
Meanwhile in Japan, McDonald's reports a 68-fold increase in profit with a 16 percent rise in sales for the first half of 2017. The company presently has just under 3000 stores in Japan, making it McDonald's 2nd largest market behind the United States and followed by China. They plan to have 4500 stores in China by 2022.
(Cover photo: © BrokenSphere / Wikimedia Commons)