Burger King's parent Restaurant Brands International (RBI) announced plans to grow to 40,000 restaurants globally over the next eight to 10 years, making it one of the largest restaurant companies in the world, potentially being on the same playing field as McDonald's.
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RBI, which owns big brands such as Burger King, Tim Hortons and Popeyes, revealed its massive growth plans at its first investor day in New York City on Tuesday, saying it is "well-positioned" to take advantage of the expected growth in the global burger, coffee and chicken markets, which are expected to climb 5 to 6 percent annually.
"RBI is fundamentally a growth company, with three amazing, iconic brands that we believe have a very long runway for growth - both at home and around the world. We have a proven history of generating very strong returns for our shareholders and today we are excited to share more insight than we ever have before to support our belief that all three brands have substantial growth ahead," Jose Cil, CEO of RBI said.
|QSR||RESTAURANT BRANDS INTERNATIONAL INC.||67.47||-0.32||-0.47%|
RBI currently has more than 28,800 locations globally, but the number of its locations still pales in comparison to its major competitors McDonald's and Yum Brands, which have 37,971 and nearly 50,000 locations, respectively.
By adding 40,000 restaurants, the Toronto-based company has the potential to better compete with McDonald's and Yum Brands in years to come.
Last year, the company opened 1,300 locations and since the start of the year, its stock has gained more than 25 percent, pushing its market value to more than $30 billion.
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However, its value is still a fraction of McDonald's market value, which is currently hovering at $151.19 billion.