There may be a new leader for the biggest fast-food chain in the world, and it's not your favorite place for a burger and fries.
Starbucks could take the crown after announcing that they're planning to expand during a recent earnings call on Feb. 1.
The coffee chain is growing at a faster rate than its two biggest competitors, McDonald's and Subway. There are currently 34,317 Starbucks locations worldwide, according to Eat This, Not That.
They plan to open 2,000 new locations by the end of 2022. Last year, Starbucks opened 1,173 net new locations, and has already opened up 484 stores in the beginning of 2022.
One of its biggest rivals, McDonald's, has over 38,000 locations worldwide and plans to add 1,800 new locations in 2022.
Since 2020, Starbucks has opened 3,061 new locations, while McDonald's has opened only 1,650 net new locations.
Subway, the current biggest fast-food chain, has over 40,000 locations worldwide, but has closed tons of stores due to declining sales over the past few years. They reportedly closed over 2,000 locations in 2020, although that number has been disputed by the company.
Starbucks has a good opportunity to pass them because of the continued closings. However, the Seattle-based company will have to navigate their own challenges if they plan to become the world's biggest fast-food chain.
Starbucks has dealt with staffing issues amid the ongoing COVID-19 pandemic that has lead to shorter store hours, dining room closures, and inconsistency with mobile ordering. Supply chain issues and inflation have also caused the store to hike prices twice in the last six months -- increasing prices in October 2021 and again earlier in February.
Over the last three months of 2021, Starbucks' profit increased by 31% to $816 million. Their revenue grew to $8.1 billion, 19% higher than it was in the same quarter in 2020.
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