Quick service restaurant chain McDonald’s (MCD) has unveiled its latest global growth strategy as it continues to try and lure cash-strapped consumers to its restaurants.
The strategy, which is targeted at consumers who are being stretched by high gas prices, includes a new restaurant design, improved food and drinks, and better customer service.
Management is calling the growth strategy “McDonald’s > NEXT.” It builds on the “Accelerating the Arches” strategy that was launched in late 2020 during the Covid-19 pandemic.
The new phase of McDonald’s growth plan comes as its restaurants compete for a smaller pool of customers amid growing competition.
To retain top spot in the quick service category, McDonald’s plans to focus on menu innovations that elevates taste and quality, like improvements to its chicken sandwiches.
For years, the chain has sought to improve and expand its chicken offerings as rivals like Chick-fil-A grab market share.
Americans have been eating more chicken than beef for the past 16 years, due to health concerns tied to the consumption of red meat and rising beef prices.
The new restaurant design will give McDonald’s a recognizable look, but it should also improve kitchen operations, said management.
McDonald’s is also testing automated order taking at select U.S. restaurant locations using a system it calls “ARCHY” to let employees focus on other tasks.
More broadly, the Chicago-based company said it wants to “redefine hospitality” by improving customer service and training employees to interact more with customers.
MCD stock has fallen 12% over the past year to trade at $276.11 U.S. per share.
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