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McDonald's sets sights on Asia
Bill Condie19.11.08
Fast food giant McDonald's is looking for a burger-led recovery with plans to boost investment in Asia.
The company plans to increase spending on new stores and refurbishments in Asia, the Middle East and Africa by at least 20% to $360 million (£240.8 million). That compares with last year's capital- expenditure growth of 7%.
It says economic chaos is forcing people to cut living costs and McDonald's stands to benefit because its products are cheap.
"People are trading down and we're capitalising on that," Tim Fenton, McDonald's president for Asia, the Middle East and Africa, told Bloomberg TV.
McDonald's aims to grab market share as the world slips into recession by opening more than one new store a day in the region next year, said Fenton.
In the third-quarter, 18% of its sales were in Asia, the Middle East and Africa, 43% in Europe and 33% in the US.
