McDonald’s is making a huge push in the UK and Ireland

Transcription:

Conway Gittens: I’m Conway Gittens, reporting from the New York Stock Exchange. Here’s what we’re watching today on TheStreet.

There were modest gains on Wall Street amid dueling consumer narratives, and that left Wall Street little changed. TJX, the parent of TJ Maxx, Marshall’s and Home Goods, topped Wall Street forecasts. The retail chain also raised expectations for the year. On the other hand, Macy’s lowered its full-year guidance. The department store chain posted a bigger-than-expected drop in quarterly sales. Macy’s now plans to close 55 locations, up from the 50 previously announced.

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In other business news: The world’s largest fast food chain is about to get even bigger. McDonald’s (MCD) is investing approximately $1.3 billion to open new locations and redevelop older ones in the United Kingdom and Ireland.

According to the Wall Street Journal, the four-year expansion plan will see the opening of 200 new restaurants in that part of the world. Additionally, 1,500 locations will receive a Mickey D makeover.

It’s all part of a celebration for McDonald’s, which opened its first restaurant in the region 50 years ago. The regional CEO says: “We are proud of what we have achieved over the past 50 years and are committed to investing in new opportunities and supporting growth in the UK.”

McDonald’s will be experimenting with new store formats in the UK and Ireland, which can’t come soon enough. Second-quarter sales fell globally for the first time since 2020. And now, the restaurant giant is trying to find the recipe to fend off competition, grapple with changing diets and win back inflation-weary consumers — all at the same time.

That will do for your daily briefing. From the New York Stock Exchange, this is Conway Gittens with TheStreet.

Related: McDonald’s faces brutal price hike consequences