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McDONALD’S CUT BACK EXPANSION PROGRAMME

The Big Mac’s relentless march across the world will slow next year as a result of the company’s decision to reduce “dramatically” new openings to focus on its existing restaurants.

A net 600 McDonald’s are expecting to open in 2003, 450 fewer than this year’s total. Annual openings peaked at nearly 2,000 in 1996.

The cutback marks a significant change of tack at the world’s biggest hamburger chain after many years of aggressive expansion. The company has 30,000 company-owned and franchised stores worldwide.

Faced with increasing competition from other burger operators such as Wendy’s, and from several fast-growing fried chicken and pizza chains, the Illinois-based company is struggling to reverse falling sales.

Customers have also complained that the global burger giant has allowed standards of food, service and cleanliness to slip – although McDonald’s says its customer surveys show that perceptions are improving again.

Analysts had urged the group to cut back store openings to allow it to devote more time and resources to perking up existing stores. The market welcomed the news, with McDonald’s shares up 3.5 per cent at $18.95 by the close in New York.

The company could not predict how long the expansion slowdown would last.

The reduced openings will save $500m in capital spending next year. McDonald’s plans to spend $100m of the savings on new buildings for franchised restaurants, giving its best operators the chance to expand operations or invest in their stores.

THE FINANCIAL TIMES, Oct. 24, 2002