McDonald s raises investment in China by 25 to overhaul stores
McDonald s Corp., the world s largest restaurant company, will increase capital investment in China by 25 percent this year as it overhauls stores and offers free wireless Internet services to woo customers.
The Oak Brook, Illinois-based company will add restaurants and re-image 80 percent of existing stores within the next three years, Kenneth Chan, head of its China operations, said in Shenzhen today. The company may add 10,000 jobs in 2010 as it opens restaurants, he said.
McDonald s plans to open between 150 and 175 restaurants in China this year, adding to its more than 1,100 outlets in the nation. The company faces increased competition from rivals such as Hong Kong-listed Ajisen China Holdings Ltd. offering local fare such as noodles and rice for almost the same price as McDonald s Value Meals.
You re getting more of the standardized Chinese food and standardized Asian food and that s causing serious competition for McDonald s, Shaun Rein, managing director of China Market Research Group in Shanghai, said in an interview. They re cheap enough and capturing market share.
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