McDonald’s Corporation (source: Wikipedia)
McDonald's Corporation (NYSE: MCD) is the world's largest chain of hamburger fast food restaurants, with 33,000 local retailers serving around 68 million customers daily in 119 countries. Headquartered in the United States, the company began in 1940 as a barbecue restaurant operated by the eponymous Richard and Maurice McDonald; in 1948 they reorganized their business as a hamburger stand using production line principles. Businessman Ray Kroc joined the company as a franchise agent in 1955. He subsequently purchased the chain from the McDonald brothers and oversaw its worldwide growth.
A McDonald's restaurant is operated by a franchisee, an ...view middle of the document...
The carhops were eliminated to make McDonald's a self-serve operation. Mac and Dick McDonald had taken great care in setting up their kitchen like an assembly line, to ensure maximum efficiency. The restaurant was renamed again to simply "McDonald's" and reopened its doors on December 12, 1948.
In 1953, the McDonald brothers began to franchise their successful restaurant, starting in Phoenix, Arizona and Downey, California; the latter is today the oldest surviving McDonald's restaurant. The McDonald brothers created Speedee to symbolize the quick and efficient service system that they had devised. Downey's Speedee is one of only a few remaining. His little legs, animated in neon, still run as fast as they can to serve the restaurant's next customer. Recognizing the historic and nostalgic value of the intact 1953 structure, the McDonald's Corporation acquired the store in 1990 and rehabilitated it to a modern but nearly original condition, and then built an adjacent museum and gift shop to commemorate the site. Inside the small museum are many McDonald's artifacts from over the years, and also a small display showing how the restaurant buildings evolved from the small walk-up candy striped stands to the large more common mansard-roofed restaurants.
In 1954, Ray Kroc, a seller of Multimixer milkshake machines, learned that the McDonald brothers were using eight of his high-tech Multimixers in their San Bernardino restaurant. His curiosity was piqued, and he went to San Bernardino to take a look at the McDonalds' restaurant.
Believing that the McDonalds' formula was a ticket to success, Kroc suggested that they franchise their restaurants throughout the country. When they hesitated to take on this additional burden, Kroc volunteered to do it for them. He returned to his home outside of Chicago with rights to set up McDonald's restaurants throughout the country, except in a handful of territories in California and Arizona already licensed by the McDonald brothers. Kroc's first McDonald's restaurant opened in Des Plaines, Illinois, near Chicago, on April 15, 1955, the same day that Kroc incorporated his company as McDonald's Systems, Inc. (which he would later rename McDonald's Corporation). McDonald's grew slowly for its first three years. By 1958, there were 34 restaurants. In 1959, however, Kroc opened 68 new restaurants, bringing the total to 102 locations.
Phenomenal growth in the 1950s and 1960s
In 1960, the McDonald's advertising campaign "Look for the Golden Arches" gave sales a big boost. In 1962, McDonald's introduced its now world-famous Golden Arches logo. A year later, the company sold its billionth hamburger and introduced Ronald McDonald, a red-haired clown with particular appeal to children.
In the early 1960s, McDonald's really began to take off. The growth in U.S. automobile use that came with suburbanization contributed heavily to McDonald's success. In 1961 Kroc bought out the McDonald brothers for $2.7 million, aiming at...