Fast food giant McDonald’s (MCD) aims to open 9,000 new restaurant locations and add 100 million members to its loyalty rewards program by 2027.
The targets are part of the company’s plans to grow its worldwide sales and boost its stock price.
The company also announced plans to keep customers coming back with an improved version of its burgers and new chicken offerings.
For 2024, McDonald’s is projecting net new restaurant growth of 4%. After next year, the company plans to grow its restaurant count by 4% to 5% annually.
The expansion means higher capital spending. For 2024, McDonald’s anticipates $2.5 billion U.S. in capital expenditures, up from $2.2 billion U.S. this year.
McDonald’s executives said that by 2027 they want to have 50,000 restaurant locations globally. The chain had 41,198 restaurants worldwide as of Sept. 30.
To reach that goal, McDonald’s plans to open 900 new locations in America, 1,900 restaurants internationally, and 7,000 units in developing markets.
The company will also test 10 locations of a spin-off brand called “CosMc’s” by the end of 2024. The first of those stores is opening in Illinois this December.
Lastly, McDonald’s said it plans to boost its loyalty reward program which helps to drive mobile sales and encourage customers to return more often.
McDonald's stock has gained 9% this year to trade at $286.86 U.S. per share. Over five years, the stock is up 57%.
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