The struggling fast food giant recently announced it was closing 350 poorly performing stores this year, but on Wednesday McDonald’s admitted it had closed a previously unannounced 350 stores in the U.S., Japan and China.
“Earlier on Wednesday, McDonald’s reported an 11% decrease in revenue and a 30% drop in profit for the first three months of year, a continuation of its troubles in the last two years as it has struggled to compete with new U.S. competitors, a tough economy in Europe and a food safety scare in Asia,” Fortune reported.
McDonald’s started falling into a steep decline after customers began seeking healthier alternatives, a decline which may prove terminal for the world’s largest fast food chain.
It was definitely a sign of the times when Hillary Clinton stopped to eat at Chipotle while campaigning in Iowa earlier this month, two decades after her husband famously stopped at a McDonald’s while jogging.
“The world is starting to ask what they’re truly eating in their food — and the new conglomerate of natural grocers and restaurants are trailblazing the way into an entirely new economic environment,” Anthony Gucciardi wrote. “In other words: people are simply tired of shoveling garbage into their bodies, and they’re not going to put up with it anymore.”
And price conscious consumers aren’t just limited to McDonald’s nowadays: natural food outlets such as Whole Foods are offering organic foods at the same price as a Big Mac with fries.
“McDonald’s is a huge company, a huge supply chain spread everywhere, and it’s kind of getting nibbled at the margins by all these upscale burger chains, organic places [and] locally sourced food,” Yahoo finance columnist Rick Newman wrote.