Aims to open nearly 9,000 restaurants

McDonald’s wants to open more than 8,800 locations and add 100 million members to its loyalty program by 2027.

The targets are part of the fast-food giant’s long-term plans to grow sales across its already sprawling restaurant footprint.

McDonald’s announced its new goals ahead of its investor day on Wednesday, as it looks to persuade shareholders that diners’ appetites for its Big Macs and McNuggets are still growing, even as Wall Street worries about the economy and the threat posed by weight-loss drugs. The burger chain is expected to offer more details about how it plans to keep attracting customers, including by phasing in an improved version of its burger and doubling down on chicken.

For 2024, McDonald’s is projecting net new restaurant growth of 4%. Nearly 2% of next year’s systemwide sales growth in constant currency will come from adding to its footprint.

After 2024, the company plans to grow its restaurant count by 4% to 5% annually. Those new locations will contribute about 2.5% of systemwide sales growth in constant currency.

McDonald’s big development plans will mean higher capital spending. For 2024, the company anticipates $2.5 billion in capital expenditures, up from its expectation of $2.2 billion to $2.4 billion in 2023. And for every year from 2025 through 2027, McDonald’s expects to increase its capital expenditures by $300 million to $500 million sequentially.

By 2027, McDonald’s wants a global footprint of 50,000 locations. The chain had 41,198 restaurants worldwide as of Sept. 30. For comparison, Starbucks in November said it aims to reach 55,000 cafes worldwide by 2030, up from its current count of more than 38,000.

To reach its development target, McDonald’s plans to open 900 U.S. locations, 1,900 restaurants in its international operated markets segment and roughly 7,000 units in its international developmental licensed markets division.

The company’s IOM business includes markets like France, Canada and Australia, and accounts for nearly 50%…