China is the focus for more than just the Olympic athletes. McDonald’s has worked hard to build its brand there.
As a result, Mickey D’s now has almost 1,000 restaurants throughout the country – 101 in Beijing alone – and 60,000 employees. There are four McDonald’s locations just on the Olympic grounds right now, and the company’s feeding 30,000 media personnel over these short two weeks. McDonald’s has fed the athletes for the past 40 years.
CEO James Skinner dropped all those facts during his interview with Cramer Wednesday. In addition to China, the two talked about how MCD lost its mojo for a while there, and what it took to get it back.
“We took our eyes off our fries,” Skinner said. “We were more concerned about getting bigger versus getting better in our existing restaurants.”
But the company brought those existing locations up to snuff and made their customers a top priority. McDonald’s also realized that it was better for the bottom line if its flagship restaurant, and not its other brands like Boston Market, was focus.
Now, with 31,000 restaurants in 118 countries, McDonald’s is just about where it wants to be, Skinner said. There’s still room to grow in Russia, China, Spain and Italy – even the U.S. adds a couple of hundred of locations a year – but the company seems to have found its stride.
“McDonald’s – not done going up,” Cramer said.
Watch this exclusive Web Extra video with CEO Skinner.
Jim’s charitable trust owns McDonald’s.
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