McDonald's is easily the most iconic fast food chain in the world. But that doesn't mean they never feel the heat. McDonald's is every other fast food brand's top competition, which means they have to constantly be thinking one step ahead. And just because they're on top doesn't mean things are always going great for the Golden Arches.
In May, the burger chain suffered its largest dip in sales since the pandemic, leaving execs scrambling to figure out how to turn it around. Starbucks recently found itself in a similar boat, and is hoping remodeling its stores to make them cozier will reverse the slump. McDonald's solution? Turn the innovation dial up to 11.
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If it's felt like McDonald's has been coming out with one new item after another lately, you're not crazy. Their beloved Snack Wraps just returned to the menu after nearly a decade, and they just came out with a new Daily Double Burger—a double cheeseburger with lettuce, tomato, and mayo instead of ketchup, mustard, and pickles. In the same week, they also launched a spicy variant of its renowned Egg McMuffin.
McDonald's execs believe menu innovation is the key to turning around their sagging sales—so much so that they mentioned it 14 times during their May earnings call. "...There's a steady flow of menu innovation that goes from now through the end of the year in a number of our markets," CEO Chris Kempczinski said. "...Our expectaion is, as we continue to have more menu innovation...it has a positive impact on baseline, which is sort of the gift that keeps on giving."
Although McDonald's is shuttering their beverage-focused CosMc's concept, they will be adding drinks from the CosMc's menu in some McDonald's franchises, further diversifying its options. Ronald McDonald may get knocked down, but he always gets back up.
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