CosMc's To Focus On Cold Beverages…
On Wednesday, McDonald's announced an expansion to reach 50,000 restaurants worldwide by 2027, as the chain unveiled plans to roll out CosMc's, a new network of small-format shops focused on cold beverages.
It had 40,275 restaurants at the end of 2022; it will seek to effectively grow its network of sites by about one-quarter in the fast expansion in the brand's history.
For CosMc's -- which McDonald's executives had teased in July -- the company plans an initial store in Chicago in 2024 and nine others in Texas.
The venture will have an animated orange figure with six arms seen in McDonald's marketing between 1986 and 1992.
The company's website said CosMc's is "inspired by nostalgia" and offers such drinks as S'mores Cold Brew and Sour Tango Lemonade, along with sandwiches and baked goods.
Specialty beverages and coffee are a fast-growing $100 billion category and "a space that we believe we have the right to win," Chief Executive Chris Kempczinski said at an investor day.
McDonald's, which spread quickly in mid-century America, is already the biggest chain in the fast-food universe, slightly ahead of Starbucks and Subway, two other global brands.
To carry out the expansion, the company plans about $2.5 billion in capital expenditures in 2024 and will add $300 million to $500 million each year till 2027.
Edited By: Arusha Farooq
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