Retail Media Networks: Why Every Retailer Wants to Be the Next Google
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The company also plans to open about 1,000 new McCafe outlets in the country at the end of the year.
McDonald’s is investing in growing the chain worldwide, focusing on the fast-growing Chinese market. The fast food giant plans to open 1,900 new restaurants in 2023, including 900 in China.
The company entered China in the early 1990s and operates over 4,500 restaurants. Nevertheless, the company can expand in one of the world’s largest markets.
McDonald’s has struggled in recent years due to restrictive measures in China amid a pandemic. In addition, the company’s expansion has been hampered by high competition from Yum Brands, the owner of KFC. Last year, McDonald’s sales in China declined by almost 5%.
Nevertheless, China remains the second-largest market in McDonald’s portfolio after the U.S. Given the growing demand for the concept, and the company also plans to open about 1,000 new McCafe outlets in the country at the end of the year.
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