Weekly Global News Wrap Up: McDonald's closes 43 Delhi outlets; Starbucks to launch first Uruguay outlet in 2018; Eating out in India becomes cheaper with GST
Here is a summary of the most interesting QSR news stories of the week from around the world.
In a report by The Economic Times, McDonald’s shut down 43 out of 55 Delhi outlets due to the infighting between Connaught Plaza Restaurants (CPRL), the 50:50 local joint venture between Vikram Bakshi and the US-headquartered McDonald's. The decision will render 1,700 employees jobless.
The Financial cited a report from Cushman & Wakefield which says the increasing presence of F&B options in shopping centres is being driven by rapid global growth in consumer spending on eating out. The meteoric rise of food halls and restaurants is the biggest retail growth story in the US. The average annual growth in China averaged 11.2% over the last four years, but this is expected to slow marginally to 10.7% a year between 2017-2020.
Starbucks Corp. said that it will launch its first restaurant in Uruguay in 2018, in an article by Market Watch. The company has reached a licensing agreement with longtime partner Alsea, a restaurant operator for Latin America and Spain, to develop and operate the new stores. The first Uruguay cafe will be in Montevideo.
According to Times of India, fast food chains and restaurants across India witnessed a rise in footfalls on the first day following the nationwide switch to Goods and Services Tax. The change in tax imposed on food items led to a fall in price ranging from 20 to 25. The prices have dropped due to food and beverages coming under the 18% tax slab under the GST regime.
Burgers by Beyond Meat, the company that makes faux meat from plants, will be available at fast food chain BurgerFi starting July 3, according to an article by Business Insider. The company has a long line of investors, including Bill Gates.
