SATURDAY, 25 NOV 2017

 

CONNECT

Facebook Linked In Twitter
PwC_13/11-28/11_728x90px
GloriaJeans_266x90px
IMH LTD

Syllouris and Zhang Reaffirm Cyprus - China Close Ties of Friendship

Anastasiades: A New Cyprus Effort Must Be Well Prepared

IMH LTD
MTN_07/07-10/04_468x60px

INTERNATIONAL

brought to you by CIPA

McDonald’s to Double Number of Stores in China by 2022

McDonald’s to Double Number of Stores in China by 2022

McDonald's Corp said it would almost double the number of stores in mainland China by 2022, slightly more than was expected, as part of its strategic partnership with state-backed conglomerate CITIC Ltd and Carlyle Group.

Earlier in the year, the U.S fast food chain agreed to sell most of its China and Hong Kong business to CITIC and Carlyle for up to $2.1 billion. The new partnership had planned to add 1,500 restaurants in the two areas over the next five years.

But McDonald's, which is betting the partnership will help it expand in the world's No. 2 economy without using much of its own capital, said it expects to increase the number of stores in mainland China to 4,500 by the end of 2022, from 2,500 now.

The company said it was targeting a double-digit annual sales growth in mainland China over the period, and was aiming to add 500 stores annually by 2022 versus 250 stores this year.

"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," Steve Easterbrook, McDonald's chief executive, said on Tuesday.

Under the deal, which got regulatory approval last week, CITIC has 52 percent and Carlyle 28 percent of McDonald's China and Hong Kong business, Reuters reports.

The fast-food chain said it would aim to open more restaurants in lower-tier Chinese cities, boost delivery capacity and introduce a "digitalised and personalized" dining experience to more Chinese customers.

Menu innovation will be a key focus for the partnership. Fast-food firms including McDonald's and Yum Brands Inc are recovering from a series of food-supply scandals in China that have undermined their performance.

MORE ON INTERNATIONAL

Juncker: Meeting with May Will Show If Brexit Progress Made

The president of the European Commission Jean-Claude Juncker said that a meeting with ...

Multiyork Furnishing Collapse Puts 550 Jobs under Threat

The UK furniture retailer has gone into administration, putting 550 jobs under threat. ...

David King Discusses London Property Market

David King, Director, Consulco Real Estate, spoke at Consulco’s ‘English ...

FROM AROUND GOLDNEWS

   

Reddy Reiterates New Zealand‘s Support towards Cyprus Settlement

New Zealand Governor-General Patsy Reddy has reiterated her country’s support to a settlement of the Cyprus problem, strongly commending the firm ...
   

Rahmon Stresses Need For Further Development of Ties with Cyprus

President of Tajikistan has stressed the need for further development of bilateral ties with Cyprus, especially in the fields of economy and tourism. President ...
   

Pamboridis Discusses the Cyprus NHS at CIBA Event

The Minister of Health, Dr. George Pamboridis accepted an invitation from the Cyprus International Businesses Association (CIBA), to inform the members ...
   

Juncker: Meeting with May Will Show If Brexit Progress Made

The president of the European Commission Jean-Claude Juncker said that a meeting with British Prime Minister Theresa May on December 4 will allow the EU to see ...
   

Multiyork Furnishing Collapse Puts 550 Jobs under Threat

The UK furniture retailer has gone into administration, putting 550 jobs under threat. The retailer will trade until Christmas at the earliest while ...
   

Kadis Highlights Need for Action to Promote Sustainable Development

Action needs to be taken, in order for the Education for Sustainable Development (ESD) to respond to the needs of the international community for social, ...
   

Pamboridis Performs Opening of HIV Checkpoint

In October, the Minister of Health George Pamboridis, on behalf of the President Nicos Anastasiades, performed the official opening of the first permanent HIV ...
   

Infocredit & LexisNexis Among Exhibitors at the 8th Annual AML and Financial Crime Conference

Infocredit Group and its strategic partner LexisNexis Risk Solutions were among the main exhibitors at the ACAMS 8th Annual AML and Financial Crime Conference ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

KEBE_Awards_14/11-08/12_300x250px
Gold_Digital_Edition_300x250px

IMH LTD