McDonald’s to sell Russia business to an existing licensee
The deal was made because of the Russian invasion of Ukraine.
McDonalds has more than 847 restaurants in Russia. Most of them are franchises. The company booked a loss of $1.2 to 1.4 billion dollars due to foreign exchange rate fluctuations.
Gover has been operating McDonalds restaurants in Russia since 2015. He has sold them to McDonald’s. The deal was made because he wanted to sell them. He had to give up some money but he got more than what he gave.
McDonald’s has more than $100 billion in annual revenue. Their restaurants are located in over 100 countries around the world. They employ more than 390,000 people. And they pay out millions of dollars in wages every year.
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San Francisco based Lazy Susan aims to be the Domino’s of Chinese takeout
Lazy Susan is a fast food restaurant chain that specializes in Chinese food. Their goal is to become a nationwide brand. They’ve designed their stores to be easy to operate and expand. They also use technology to make sure customers get what they want as fast as possible.
Li, who is also founder and CEO of Salt Partners, an investment firm that focuses on disruptive technologies in the food space, including restaurants, grocery stores, and delivery services, talks about the importance of innovation in the food space. He explains that he was inspired by his father to start his first restaurant because he wanted to make something different than other restaurants. He says that the idea of opening a restaurant came up when he was working as a lawyer in New York City. He saw a lot of people eating Chinese food but didn’t know much about it. So, he decided to open a restaurant that served authentic Chinese food. He opened the first Domino’s of Chinese food in New York City in 1999.
A takeout specific restaurant should be designed to emphasize quality over quantity. Simplicity and crowd favorites are key. Customers expect authenticity even though Chinese food in America isn’t completely authentic. Everyone, including independents and high end restaurants, is affected by e-commerce.
Smart technologies are helping emerging concepts to scale faster.