Last week, it was announced that McDonald’s will be closing hundreds of its stores worldwide due to a significant decline in global sales. In total, at least 700 of the fast food chain’s locations will be closing in 2015, which is double the amount estimated back in February of this year.
McDonalds has noticed a steady decline in its sales over the past few years. In the first 3 months of 2015 alone, the company reported a 2.3% decline in sales and a 28% decrease in operating revenue.
Steve Easterbrook, the new CEO of the company, said in a conference call with the Wall Street Journal, that drastic changes need to be implemented in order to improve McDonald’s financial struggles and its suffering reputation.
“I think there is a hunger and an interest in our business to embrace change. McDonald’s management team is keenly focused on acting more quickly to better address today’s consumer needs, expectations and the competitive marketplace,” Easterbrook said.
In Japan, the company has suffered from a flurry of criticism and scandals appearing in media reports regarding the quality of their food. McDonald’s have already closed over 100 locations within the country, leaving countless people jobless.
Yet, it is not just in Japan that you can notice the company’s decline, all across the world and likely even at your own local restaurant there are constant signs that suggest that the company is no longer what it once was. In its prime, McDonalds once enjoyed crowds in all of its locations, full parking lots and a constant line congested the drive through; now even during peak times and in high traffic areas its restaurants are only marginally full.
Recently, people have been becoming more mindful of their diets; GMO foods in particular have rapidly been losing the trust of consumers. As a result, an increasing amount of people are now opting for healthier alternatives and the popular fast food brands are undoubtedly beginning to suffer.
In the United States, organic food sales have risen by about 34% in the last 4 years. In 2014, Americans spent $39.1 billion on organic foods and this figure is expected to continue to rise over the coming years. However it is still currently uncertain how this growing demand for organic and healthier foods will permanently impact the future of the fast food chains.
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