US fast food giant McDonald's said it would almost double the number of its stores in the Chinese mainland by 2022 as part of its strategic partnership with the country's state-owned CITIC Group.
Earlier last Friday, CITIC announced that the auction of McDonald's next 20-year franchise rights in China had been officially completed on July 31.
CITIC and US private equity firm Carlyle paid 2.08 billion US dollars for McDonald's business of about 2,500 stores in Chinese mainland and about 240 stores in Hong Kong.
A McDonald's store in Fuzhou, Fujian Province, China /VCG Photo
Under the deal, CITIC has a majority share of 52 percent, and Carlyle 28 percent of McDonald's business in China's mainland and Hong Kong. McDonald's remains a 20 percent shareholder.
The new partnership planned to add 2,000 stores in Chinese mainland and increase the number of stores up to 4,500 by the end of 2022.
The company said it is aiming to add 500 stores annually by 2022 versus 250 stores this year, and is targeting double-digit annual sales growth in the Chinese mainland over the next five years.
It would aim to open more restaurants in lower-tier Chinese cities, boost delivery capacity and introduce a "digitalized and personalized" dining experience to more Chinese customers. Menu innovation will be a key focus for the partnership.
"China will soon become our largest market outside of the US. We are excited to join forces with CITIC and Carlyle for better localized decision-making to meet changing customer demands in this dynamic market," Steve Easterbrook, McDonald's chief executive, said on Tuesday.
The company's growth in China has lost momentum since 2013. Its market share in China has fallen to 23.9 percent in 2015 from 40 percent in 2012, according to China Business Network. The auction was part of its worldwide strategy to revive growth.
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