McDonald’s is keen to expand its presence in Asia.
“Asia represents a significant area of opportunity for McDonald’s to blend our global quality standards with local insights and expertise from partners who share our vision and values,” said Steve Easterbrook, McDonald’s president and CEO, in a statement.
“We’re in the midst of transforming our business and taking a strategic and thoughtful approach to enhance our ability to grow around the world,” he added.
The McDonald’s chief said China, Hong Kong, and Korea collectively represent more than 2,800 of its restaurant locations, the majority of which are currently company-owned. The three countries are considered high-growth markets, which means they have relatively higher restaurant expansion and franchising potential. Over the next five years, McDonald’s will add more than 1,500 restaurants in these three territories.
The company recently announced its intent to identify strategic partners in Taiwan and Japan. Last year, McDonald’s committed to strategically evaluate ownership structures in markets around the world with the overall goal of reducing the number of restaurants that the company owns and operates. More restaurants will be placed under local ownership.