Final hours! Save up to 55% OFF InvestingProCLAIM SALE

McDonald's to open restaurants in Russia's far east in expansion drive

Published 09/14/2020, 05:25 AM
Updated 09/14/2020, 05:30 AM
© Reuters. Outbreak of the coronavirus disease (COVID-19), in Leicester
MCD
-

MOSCOW (Reuters) - Global fast food giant McDonald's Corp. (N:MCD) plans to expand in Russia's far east in December, opening restaurants in cities such as Khabarovsk and Vladivostok for the first time, the company said on Monday.

McDonald's did not specify how many new restaurants would open in the region, but said the first phase would create around 300 jobs.

"The development of a network of branches in Russia is one of the company's top priorities. In 2020, the network is continuing to actively invest in Russia's economy and widen its presence on the market," McDonald's said in a statement.

"By the end of the year, we plan to open the 800th branch in the country."

McDonald's has over 750 restaurants in Russia, across 60 of the countries more than 80 regions. The company's total investments in Russia exceed $2.5 billion, while average annual growth of investments is around 14%.

© Reuters. Outbreak of the coronavirus disease (COVID-19), in Leicester

The first McDonald's restaurant opened in Moscow on Jan. 31, 1990, in the final months of the Soviet Union, with over 30,000 people queuing around the block for a first taste of American fast food. A 30th anniversary giveaway was scrapped earlier this year over coronavirus fears.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.