McDonald’s CEO Says Chain Wants to Do Business With Africa
The Golden Arches are ubiquitous, and now McDonald’s (NYSE:MCD) wants to expand its presence into Africa. According to Bloomberg, Chief Executive Officer Don Thompson shared in an interview Monday that the company is looking at potential new markets in Africa. Africa is part of the fast-food chain’s future growth strategy, and after entering a new Southeast Asian country for the first time in more than two decades, the company is ready to further expand in a number of new nations in Africa.
Thompson explained via Bloomberg that, ”We’re looking at the opportunities that Africa may yield. We’re in ongoing dialogue to build appropriate relationships. There’s quite a few countries across Africa we want to look at, but Nigeria clearly is a large country that has opportunity.”
While McDonald’s is struggling to sustain its business in the U.S. and Europe, the company is also focusing on its expansion efforts in developing nations. McDonald’s recognizes that these new markets present opportunities for reaping success with its fast and cheap fare, and thanks to its worldwide reputation, the company doesn’t have to worry about getting the word out about its locations on foreign ground. In addition, McDonald’s (hopefully) soon-to-be consumers already know something about fast food thanks to the company’s rival, Burger King (NYSE:BKW). According to Bloomberg, last year, Burger King opened its first restaurant in South Africa and said that it would look to open outlets in Botswana, Mauritius, Mozambique, Namibia, Zambia, and Zimbabwe.