As if the number of the fast-food chain McDonalds is not enough to satisfy the cravings of people worldwide, they just announced that they will be adding another 1,500 branches in China, South Korea, and Hong Kong.
According to the report by Fox, McDonald's said "it is looking for partners to help finance that expansion. The company said it also will give local managers more decision-making power to respond to Asian customers".
Last year, McDonald's experienced a decline in global dining numbers that's why they are looking at different ways to raise the numbers again. Fox also said they are "overhauling its business under CEO Steve Easterbrook". "Asia represents a significant area of opportunity for McDonald's to blend our global quality standards with local insights and expertise from partners who share our vision and values...These actions build on our turnaround efforts and will advance local ownership, enable faster decision-making and achieve restaurant growth" Easterbrook said in a statement and was quoted by Fox.
According to McDonald's, more than 80 percent of McDonalds worldwide are owned by individual companies. Currently, there are 36,000 restaurants in 100 countries worldwide and they employ more than 1.9 million individuals. Aside from company growth, they said they are also committed to bringing the McDonald's taste and service to the world "At McDonald's, we're proud of the way we're creating an experience to remember: reaching customers wherever they are and innovating new tastes and choices, while staying true to customer favorites."
This means, opening up more branches is a gateway for more jobs especially in the mentioned countries, China, South Korea and Hong Kong.
A report also says there are already 2,800 restaurants in China, South Korea, and Hong Kong. McDonald's financial report for the year of 2015 includes the following highlights:
- Global comparable sales increase of 1.5%
- Consolidated revenues decrease of 7% (increase 3% in constant currencies)
- Consolidated operating income decrease of 10% (flat in constant currencies)
- Diluted earnings per share of $4.80, flat (increase 10% in constant currencies)
