McDonald’s will increase its number of stores in China and Hong Kong to 4,500 by the end of 2022, up from 2,500 currently, as part of a strategic partnership with Citic Ltd, CITIC Capital Partners and the Carlyle Group.
Following the July 31 completion of the deal, a new venture set up by CITIC, CITIC Capital, Carlyle and McDonald’s will become the US restaurant company’s main franchisee on the Chinese mainland and in Hong Kong for the next 20 years.
The new partnership today announced a series of development initiatives for mainland China. Termed “Vision 2022,” the strategy aims to drive double-digit sales growth in each of the next five years by increasing the number of restaurants from 2,500 to 4,500, including delivery hub coverage of over 75% of restaurants, by the end of 2022, bringing unparalleled convenience to Chinese customers.
Opening pace of new McDonald’s restaurants in mainland China is expected to progressively ramp up from approximately 250 per year in 2017 to 500 per year in 2022 under the new partnership.
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