In what it hopes to be the "fastest period of growth" in its 60-year history, McDonald's aims to create over 10,000 new locations worldwide by 2027, the business announced in a news release on Wednesday.

McDonald's has escaped the pressure, with same-store sales up 8.1% and the firm reporting $6.69 billion in revenue for the third quarter.

(Photo : by Brandon Bell/Getty Images)
In what it hopes to be the "fastest period of growth" in its 60-year history, McDonald's aims to create over 10,000 new locations worldwide by 2027, the business announced in a news release on Wednesday.

Over the last year, inflation has driven up prices at fast food restaurants and limited-service restaurants by 6.2%. The corporation has decided to "accelerate the pace of restaurant openings," going from 40,000 to 50,000 McDonald's locations across more than 100 countries as a result of the increasing demand.

According to a McDonald's representative, the company plans to establish 900 locations in the United States and the remaining ones abroad. In addition to the positions, the business said that McDonald's will step up its loyalty program, aiming to grow its user base from 150 million to 250 million by 2027.

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McDonald's Strategic Partnership with Google Cloud for Global AI Solutions

Additionally, McDonald's teamed up with Alphabet's Google Cloud to roll out artificial intelligence (AI) solutions across all of its locations globally. This would allow the business to see more into each location, save money, and expedite the delivery of hotter, fresher meals to consumers.

McDonald's intends to improve restaurant operations through the use of cloud computing and artificial intelligence. In order to provide "hotter, fresher food," the firm stated that it will collaborate with Google Cloud on automation innovation. Sundar Pichai, the CEO of Alphabet and Google, expressed excitement about "how McDonald's will use our generative AI, cloud, and edge computing tools."

For years, McDonald's has been experimenting with employing AI to improve operational efficiency. In order to alter digital menu boards in accordance with client preferences, the corporation paid $300 million to acquire the Israeli technology startup Dynamic Yield in 2019.

There are very few human workers at McDonald's automated test restaurant, which opened its doors in December of last year in Texas with the goal of finding "new ways to serve [customers] faster and easier than ever before."

Customers place orders via a smartphone app or kiosk, and an automated conveyor belt delivers their meal. Experts foresee a trend towards automation in the face of a labor crisis, especially in low-wage professions in the fast-food and service industries.

McDonald's said that new software, facilitated by artificial intelligence, will be available to all patrons and locations starting in 2024.

On Wednesday, shares of McDonald's closed unchanged. The stock has risen about 8% this year, underperforming the 19% increase in the benchmark S&P 500 index.

Additonally, the opening of CosMc's, a retro-style eatery with sweets and customizable beverages like "turmeric latte," "churro frappes," and "s'mores cold brew," McDonald's hopes to take on rival chains like Starbucks.

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