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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.
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.
(Reporting by David Stanway; Editing by Himani Sarkar)
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