Speciality beverages and coffee are a fast-growing US$100 billion category and “a space that we believe we have the right to win”, Chief Executive Chris Kempczinski said at an investor day.
McDonald’s, which spread quickly in mid-century America, is already the biggest chain in the fast-food universe, slightly ahead of Starbucks and Subway, two other global brands.
To carry out the expansion, the company plans about US$2.5 billion in capital expenditures in 2024 and will add US$300 million to US$500 million each year thereafter through 2027.
Manu Steijaert, chief customer officer, said the pace of the current expansion greatly exceeds the previous ramp-up from 30,000 to 40,000 restaurants, which took 18 years.
“Hopefully you can feel the confidence we have in McDonald’s’ development potential over the next four years and beyond,” Steijaert said.
Sales in recent years have been boosted by some new offerings, such as the popular McCrispy chicken sandwich.
The chain has also benefited from greater online ordering since the COVID-19 pandemic, while its reputation for affordability has kept it busy with customer traffic during a period of elevated inflation.
The chain projected nearly 2 per cent revenue growth in 2024.
