麥當勞 巨無霸不再稱霸

McDonald’s shook up its leadership this week as itstruggled to keep up with changing consumer tastes,appointing Steve Easterbrook, a veteran of UK highstreet restaurant chains, to replace Don Thompsonas chief executive.

最近麥當勞(McDonald’s)改組了領(lǐng)導(dǎo)層。正在努力跟上消費者口味變化的這家快餐業(yè)巨頭，任命英國商業(yè)街連鎖餐飲業(yè)老將史蒂夫•伊斯特布魯克(Steve Easterbrook)為首席執(zhí)行官，換下唐•湯普森(Don Thompson)。

FT reporters around the world take a market-by-market look at the challenges facing the company.

英國《金融時報》全球各地的記者分析了麥當勞在不同市場面臨的不同挑戰(zhàn)。

US: left behind by shifts in dining habits

美國：被飲食習(xí)慣的變遷拋在后面

McDonald’s faces perhaps its greatest challenge in its home market. Critics charge that thecompany has been unable to cope with fundamental shifts in the restaurant business in recentyears, writes Neil Munshi in Chicago.

麥當勞在本土市場面臨的挑戰(zhàn)也許是其諸多挑戰(zhàn)中最嚴峻的。批評者指責麥當勞沒能應(yīng)對近年來餐飲業(yè)發(fā)生的根本變化。

Upstart rivals have been able to capitalise on consumer demand for food that is perceived ashealthier and made with fresher, natural ingredients.

異軍突起的競爭者利用了消費者對新型食品的需求，人們認為這些食品更健康，食材天然，而且更新鮮。

McDonald’s has built a global empire based on the consistency of its products, down to thethickness of fries and the number of pickles on a sandwich. But the age of the Big Mac andfries has given way to the age of organic kale and small-batch aioli.

從薯條的粗細到漢堡上放幾根酸黃瓜，麥當勞以產(chǎn)品的一致性為招牌，打造了一個全球帝國。但巨無霸和薯條的時代已經(jīng)過去，取而代之的是有機甘藍和小份蒜泥蛋黃醬的時代。

In a sign of how drastically the restaurant game has shifted, McDonald’s will attempt tocompete this year by expanding a customisable burger pilot programme to up to 2,000 USoutlets, or one out of every seven stores. That will give consumers the chance to add bacon ormushrooms or caramelised onions to their Quarter Pounder.

餐飲業(yè)的競爭已經(jīng)發(fā)生了徹底的改變，跡象之一就是麥當勞今年決定把定制漢堡試點項目推廣到多達2000家美國門店，也就是每7家美國門店就有1家推出這一服務(wù)。顧客將有機會給自己的四盎司牛肉堡(QuarterPounder)添加培根、蘑菇或者焦糖洋蔥。

Compounding McDonald’s home market challenges are the nationwide protests that havebroken out over raising the minimum wage. The fast-food giant has become the poster childfor the fight for a $15 hourly wage — more than double the national minimum.

令麥當勞在本土市場面臨的挑戰(zhàn)更加復(fù)雜化的是，全美各地爆發(fā)了要求提高最低工資的抗議。抗議者要求將最低工資標準提高到每小時15美元，相當于美國現(xiàn)行最低工資標準的兩倍多，快餐業(yè)巨頭麥當勞成了他們的靶子。

A top US labour regulator recently ruled that the company might be liable for how itsfranchisees treat employees, dealing a blow to the entire franchise model.

最近，美國最高勞工監(jiān)管機構(gòu)裁定，麥當勞可能要對旗下特許經(jīng)營商對待員工的方式負責，這打擊了整個特許經(jīng)營模式。

 

 

Steve Easterbrook, the incoming chief executive, confronted just such a challenge in the UK.He turned that market round through a campaign that included allowing consumers to askwhat goes into McDonald’s food and promoting the upward mobility that so-called “McJobs”afford.

即將上任的CEO史蒂夫•伊斯特布魯克曾在英國面臨這一挑戰(zhàn)。他發(fā)起了一項活動，允許消費者詢問麥當勞所用的食材，并宣傳所謂的“麥當勞工作”(McJobs)也能帶來社會和經(jīng)濟地位上升的流動性，從而在英國市場扭轉(zhuǎn)了局面。

But the US is a market roughly 10 times the size of the UK. Turning round the brand on itshome turf will be all the harder.

但美國市場的規(guī)模幾乎是英國市場的10倍。在本土市場挽回品牌聲譽將困難得多。

China: food safety concerns undermine brand

中國：對食品安全的擔憂削弱品牌聲譽

Food safety comes near the top of any league table of public concerns in China, soMcDonald’swas hit hard when an undercover television investigation accused the company last July ofusing a mainland supplier that relabelled expired meat, writes Patti Waldmeir in Shanghai.

如果要對中國公眾關(guān)心的問題列一個榜單，食品安全幾乎可以在任何榜單上居首。因此，去年7月一家中國電視臺進行臥底調(diào)查，指控麥當勞的一家國內(nèi)供應(yīng)商給過期肉重新貼上標簽，這件事給麥當勞帶來沉重打擊。

McDonald’s said earlier this month that same store sales in the Asia-Pacific, Middle East andAfrica region continued to suffer the effects of the scandal, dropping 4.8 per cent in the fourthquarter, year on year.

麥當勞上月早些時候報告，亞太、中東和非洲地區(qū)的同店銷售額持續(xù)受到該丑聞的影響，2014年第4季度同比下降4.8%。

“Consumers in China are still leery of the brand and haven’t really been convinced thatMcDonald’s has supply chain issues under control,” said Benjamin Cavender of China MarketResearch in Shanghai.

“中國消費者對這個品牌仍抱有戒心，他們還沒有真正被說服，相信麥當勞已經(jīng)控制了供應(yīng)鏈問題，”中國市場研究集團(China Market Research Group)的本杰明•卡文德爾(Benjamin Cavender)在上海表示。

Foreign fast food brands such as McDonald’s and Yum’s KFC have long enjoyed a reputationfor cleanliness, quality and safety on the mainland, which has faced a string of food qualityscandals in recent years. These included the scandal of melamine in infant milk, which killed sixbabies and sickened several hundred thousand.

在中國內(nèi)地，麥當勞和百勝餐飲集團(Yum Brands)旗下的肯德基(KFC)等外國快餐品牌多年享有清潔、優(yōu)質(zhì)和安全的美譽。近年中國爆發(fā)一連串食品安全丑聞，包括嬰兒奶粉添加三聚氰胺，該事件造成6名嬰兒死亡，數(shù)十萬嬰兒需要就醫(yī)。

But recently, supplier scandals have hit both big US chains hard, with KFC facing severalsuccessive allegations of substandard supplier practices. Yum Brands was also targeted in theJuly expired meal allegations.

然而最近，供應(yīng)商丑聞沖擊了這兩大美國快餐連鎖品牌，肯德基連續(xù)數(shù)次受到供應(yīng)商操作不合標準的指控。去年7月，百勝也同樣被指控使用過期肉。

The Shanghai government responded to the media exposé by closing down the affectedfactory of Shanghai Husi Food Co, a subsidiary of US food group OSI, and detaining staff.

對于媒體曝光的事件，上海市政府的回應(yīng)是查封涉事的美國福喜集團(OSI)子公司上海福喜食品有限公司(Shanghai Husi Food Co)，并刑拘了一些員工。

Problems with food quality have also coincided with other trends that have challenged westernfast-food brands, industry analysts say. “Fast-food consumers in China have shifted away fromtheir original curiosity about western fast food, and nowadays they are pickier and morefocused on health,” said Shi Jun, catering industry analyst at Beijing-based Alliance PKUManagement.

行業(yè)分析師表示，食品質(zhì)量問題出現(xiàn)之際，其他潮流也對西方快餐品牌構(gòu)成了挑戰(zhàn)。“中國的快餐消費者已不再像最初那樣對西方快餐感到好奇，現(xiàn)在他們更挑剔、更關(guān)注健康，”總部位于北京的北大縱橫管理咨詢公司(Alliance PKU Management)的餐飲業(yè)分析師史俊說。

“McDonald’s is facing more pressure from fast-casual restaurants and Chinese quick-servicechains as consumers look at alternatives that they increasingly view as more healthful andsafer,” said Mr Cavender.

“隨著消費者把目光投向他們越來越覺得更為健康和安全的替代品，快速休閑餐廳和中式快餐連鎖店給麥當勞帶來了更多壓力，”卡文德爾說。

KFC remains the clear market leader with 4,600 outlets, more than double the 2,000McDonald’s. But Dicos — a Taiwanese-owned fast-food chain strongest in lower-tier cities, withcheaper menus — recently eclipsed the US burger chain with 2,200 stores. It planned to havenearly 3,000 by the end of last year.

肯德基在中國的門店有4600家，比擁有2000家門店的麥當勞多出一倍多，是這個市場遙遙領(lǐng)先的領(lǐng)跑者。但餐品更為便宜、在二三線城市勢力最強的臺資快餐連鎖店德克士(Dicos)，不久前以2200家門店的數(shù)量超過了麥當勞。按照德克士的計劃，該集團截至去年底已將門店增加到近3000家。

India: legal dispute eats away early advantage

印度：法律糾紛侵蝕了先發(fā)優(yōu)勢

McDonald’s ought to be well-positioned to profit from surging demand for convenient, cleanand affordable meals in India. The market for Western-style fast-food is still relatively small,but growing rapidly as a young population increasingly grabs meals on the go, or celebratesspecial occasions by dining out, writes Amy Kazmin in New Delhi.

印度市場對方便、清潔和價格適中的餐飲需求激增，麥當勞應(yīng)該處于有利地位，能夠從中獲利。印度的西式快餐市場規(guī)模仍相對較小，但增長很快，越來越多的年輕人在忙碌的生活中匆匆解決一餐，或者外出就餐以慶祝特殊的時刻。

An early Western arrival into India’s competitive food market, McDonald’s worked for years toovercome a fundamental problem. Its core product offering — beef burgers — is taboo forIndia’s Hindu-majority population.

作為較早進入印度競爭激烈的食品市場的西方餐飲品牌，多年來麥當勞努力克服一個根本層面的問題：其核心產(chǎn)品是牛肉漢堡，而在大部分人口為印度教教徒的印度，牛肉是禁忌。

Although it has finally found a recipe to appeal to Indian palates — through ample chicken andvegetarian offerings — McDonald’s is locked in a bitter legal dispute with an estranged formerpartner, which has stymied the chain’s expansion.

盡管麥當勞最終找到了迎合印度人口味的“菜譜”——借助多種雞肉和素食產(chǎn)品，但該公司與前合作伙伴鬧翻，雙方糾結(jié)于激烈的法律糾紛，阻礙了這家連鎖餐飲公司擴張的步伐。

McDonald’s is fighting entrepreneur Vikram Bakshi for control of Connaught PlazaRestaurants, their erstwhile joint venture, which owns and operates 185 McDonald’srestaurants in north and east India.

麥當勞正在和企業(yè)家維克拉姆•巴克希(Vikram Bakshi)爭奪雙方過去建立的合資企業(yè)Connaught PlazaRestaurants的控制權(quán)。該企業(yè)擁有并經(jīng)營印度北部和東部共185家麥當勞餐廳。

McDonald had sought to buy Mr Bakshi out of the venture since 2008, but the two sides haddeep differences on pricing. Simmering tensions finally erupted in 2013, when McDonald’sousted Mr Bakshi from his role as managing director of the joint venture, after 18 years.

自2008年以來，麥當勞試圖買斷巴克希在合資企業(yè)所持股份，但雙方在價格上分歧頗深。不斷發(fā)酵的緊張最終在2013年爆發(fā)，麥當勞宣布任職18年的巴克希將不再擔任該合資企業(yè)的董事總經(jīng)理。

Mr Bakshi has since filed a lawsuit before India’s Company Law Board, accusing McDonald’s ofmismanagement. Last month, the Delhi High Court issued a stay order, preventing McDonald’sfrom proceeding with international arbitration in London, as the company says it is entitled todo under the terms of its joint venture agreement with Mr Bakshi.

此后巴克希在印度的公司法委員會(Company Law Board)對麥當勞提起訴訟，指控麥當勞管理不當。去年12月，德里高級法院下發(fā)了一項暫緩令，阻止麥當勞將案件提交到倫敦進行國際仲裁。麥當勞表示，根據(jù)其與巴克希簽訂的合資條款，它有權(quán)采取這一行動。

McDonald’s is expanding in India’s prosperous south and west region, where its other Indianpartner, Hardcastle Restaurants, was converted from a joint venture into a master franchiseein 2010.

麥當勞正在印度繁榮的南部和西部地區(qū)擴張，活躍在這些市場的另一家印度合作伙伴HardcastleRestaurants已在2010年從合資伙伴轉(zhuǎn)型為主加盟商。

But McDonald’s dispute with Mr Bakshi is allowing rivals such as Domino’s, KFC and Subway, toerode its former lead.

但麥當勞與巴克希的糾紛讓達美樂比薩(Domino’s)、肯德基和賽百味(Subway)得以蠶食麥當勞過去的領(lǐng)先地位。

McDonald’s was India’s biggest Western fast-food chain in 2008 with revenues of Rs6.6bn,according to Euromonitor data. That was more than double Domino’s sales of Rs3.2bn. KFC,with revenues of Rs1.5bn, lagged far behind.

根據(jù)咨詢公司歐睿(Euromonitor)的數(shù)據(jù)，2008年麥當勞是印度最大的西方快餐連鎖企業(yè)，收入為66億盧比，是銷售額為32億盧比的達美樂比薩的兩倍多，而收入僅為15億盧比的肯德基遠遠落在了后面。

McDonald’s revenues in India hit Rs14.2bn last year. But Yum Brand’s KFC had nearly caughtup, with Rs12.5bn in sales. Domino’s, which in India is operated by Mumbai-listed JubilantFoodworks, surpassed McDonald’s with revenues of Rs16.2bn.

去年，麥當勞在印度市場上的收入達到142億盧比。但百勝旗下的肯德基幾乎趕上了麥當勞，銷售額達到125億盧比。達美樂比薩在印度的業(yè)務(wù)由孟買上市的Jubilant Foodworks運營，其去年收入達到162億盧比，超過了麥當勞。

Japan: consumer backlash against cost cuts

日本：縮減成本引發(fā)消費者反彈

McDonald’s Japan had its own management shake-up in the summer of 2013 when the US headoffice brought in Sarah Casanova, a 24-year McDonald’s veteran, to run the local unit. The chainhad enjoyed nearly a decade of strong growth in its second-biggest market. But sales in Japan— with some 3,100 outlets — started slowing as consumers became disgruntled with its serviceand food offerings, writes Kana Inagaki in Tokyo.

2013年夏季，麥當勞日本改組了管理層。美國總部指派在麥當勞工作了24年的老將薩拉•卡薩諾瓦(SarahCasanova)執(zhí)掌日本部門。在此前的近10年期間，麥當勞在其第二大市場日本實現(xiàn)了強勁增長。但是隨著消費者對麥當勞的服務(wù)和食品產(chǎn)生不滿，其在日本約3100家門店的銷售額開始放緩。

The McDonald’s brand became synonymous with cost cuts and a push for efficiency,highlighted by the backlash in late 2012 when Japanese stores pulled menus from its countersto shorten the time taken by customers placing orders. Angry consumers punished the chainby dragging its sales down for almost all of 2013, excluding May and June.

麥當勞的品牌成了削減成本追求效率的代名詞，這一點在2012年末表露無遺。當時麥當勞門店將菜單從柜臺撤下，以求縮短顧客點單的時間，此舉引發(fā)了消費者反彈。憤怒的消費者對麥當勞的懲罰就是拉低了該公司2013年除5月和6月外幾乎全年的銷售額。

But instead of stemming the slide in sales, Ms Casanova’s term has been plagued by a series oftroubles that began with a chicken safety scare at its China-based supplier last July. Delays inimports of US potatoes forced the chain to ration sales of its French fries in December.

但是卡薩諾瓦的團隊未能專注于遏止銷售下滑，而是遭遇一連串麻煩的困擾——從去年7月中國供貨商爆出雞肉安全問題開始。去年12月，美國土豆進口的延誤迫使麥當勞限量供應(yīng)薯條。

The problems were capped by a flood of complaints that came to light this month when objects— from a human tooth to pieces of vinyl and a bracelet — were found inside its products.McDonald’s Japan, which is half owned by the US group, now expects its first annual loss in 11years, totalling Y17bn ($144m), after sales tumbled by double-digits since July.

這還不算，今年1月媒體曝光日本麥當勞食品里竟然發(fā)現(xiàn)牙齒、塑料片、手鐲等異物。一半股份在美國總部手中的日本麥當勞，自去年7月以來銷售額出現(xiàn)兩位數(shù)下降，現(xiàn)在預(yù)計將面臨11年以來首次年度虧損，總計170億日元(合1.44億美元)。

“McDonald’s is already no longer a must-go place. They must regain consumer trust or elsepeople would just not be interested in them any more,” said Nomura analyst KyoichiroShigemura.

“麥當勞不再是必去之地。他們必須重新贏得消費者的信任，否則人們將不再對他們有興趣，” 野村證券(Nomura)分析師重村京一郎(Kyoichiro Shigemura)說。

Ms Casanova has promised steps to ensure food safety through increased audits of suppliers.McDonald’s Japan also plans to remodel its stores and offer a wider line-up of menus, withbetter pricing.

卡薩諾瓦承諾，將通過加強供應(yīng)商審核等措施確保食品安全。日本麥當勞還計劃改造其門店，以更實惠的價格提供更豐富的菜品。

But analysts say it will be a hard road ahead to restore confidence in a market known for itsfinicky and picky consumers. When Ms Casanova appeared at a news conference in July, shewas criticised for failing to appear apologetic enough. Three months later when she spokeagain, she wore a dark suit with her hairstyle in a tight updo.

但分析師們表示，在以消費者挑剔聞名的日本市場，恢復(fù)信心的道路將非?？部?。卡薩諾瓦去年7月出席一個記者會時，外界批評她未能展現(xiàn)足夠的歉意。當她3個月后再度發(fā)言時，她穿了深色西服并梳了一個高發(fā)髻。

“A new start is always a good thing,” she said.

“新的開始總是件好事兒，”她說。

Russia: burger business caught up in geopolitics

俄羅斯：卷入地緣政治的漢堡業(yè)

McDonald’s has long been portrayed as a success story in Russia, but over the past six monthsthe fast food company has fallen foul of deteriorating relations between Moscow and the US,writes Courtney Weaver in Moscow.

麥當勞在俄羅斯一直被描述為成功典范，但在過去6個月期間，這家快餐企業(yè)成了美俄關(guān)系惡化的受害者。

In late July, as the EU prepared its strongest sanctions against Russia to date, a regionalbranch of Russia’s consumer protection agency suddenly announced that certainMcDonald’s items ranging from its cheeseburgers to Caesar wraps did not meet Russia’s healthsafety standards. This was either because they contained evidence of E-coli or because theycontained more carbohydrates and calories than the menu stated, according to the agency.

去年7月，就在歐盟準備對俄羅斯出臺截至當時最嚴厲的制裁之際，俄羅斯消費者保護機構(gòu)的一個地方分部突然宣布，包括芝士漢堡和凱撒卷在內(nèi)的某些麥當勞產(chǎn)品不符合俄羅斯的健康安全標準。該機構(gòu)宣稱，這些產(chǎn)品要么含有存在大腸桿菌的證據(jù)，要么碳水化合物和卡路里含量超過菜單上標明的份量。

In late August, the agency’s federal branch went further, temporarily shutting down fourMcDonald’s outlets, including its flagship location on Moscow’s Pushkin Square — McDonald’sfirst ever restaurant in Russia and one of its biggest locations by sales in the world.

去年8月，該機構(gòu)的聯(lián)邦分部更進一步，暫時關(guān)停4家麥當勞門店，包括位于莫斯科普希金廣場(PushkinSquare)的旗艦店，當年這是麥當勞在俄羅斯開設(shè)的第一家門店，也是按銷售額計算世界上最大的麥當勞門店之一。

By October, 200 out of McDonald’s 440 Russian restaurants were under governmentinvestigation, with as many as nine McDonald’s outlets closed during the period.

到去年10月，麥當勞在俄羅斯的440家門店中有200家受到了政府調(diào)查，多達9家門店在那期間關(guān)閉。

The Russian agency, known as Rospotrebnadzor, has since finished its inspections and all theMcDonald’s outlets that were closed have been reopened. However, the difficulties forMcDonald’s in Russia are continuing.

自那以來，俄羅斯聯(lián)邦消費者權(quán)利保護和福利監(jiān)察局(Rospotrebnadzor)已結(jié)束了檢查，所有關(guān)閉的麥當勞門店重新開業(yè)。然而，麥當勞在俄羅斯面臨的困難依然存在。

The fast-food group is now the subject of dozens of Russian court cases related to theagency’s findings, the FT’s Russian sister paper Vedomosti reported on Thursday.

英國《金融時報》的姐妹報紙、俄羅斯《紀錄報》(Vedomosti)近日報道，上述政府機構(gòu)的調(diào)查發(fā)現(xiàn)已導(dǎo)致麥當勞在俄羅斯面臨幾十起訴訟。

Some of the court complaints relate to McDonald’s lack of a centralised laundromat for itsemployees’ uniforms, while others take issue with the layout of McDonald’s kitchens and theseparation of different food products. McDonald’s counters that the layout required byRospotrebnadzor does not reflect modern food industry standards when many food productsare processed.

一些訴訟涉及麥當勞沒有集中的員工制服洗衣房，另一些訴訟則杯葛麥當勞的廚房布局和對不同食物的分隔。麥當勞反駁稱，俄羅斯消費者保護機構(gòu)要求的廚房布局，并不反映現(xiàn)代食品行業(yè)對于生產(chǎn)經(jīng)營多種食品的標準。

Other court cases relate to McDonald’s alleged mislabelling of its food products.

另一些訴訟案指控麥當勞在食品上貼的標簽有錯。

Russia’s consumer protection agency and health ministry have repeatedly insisted that theMcDonald’s investigations have nothing to do with the geopolitical backdrop.

俄羅斯消費者保護機構(gòu)和衛(wèi)生部一再堅稱，對麥當勞的調(diào)查與地緣政治大背景無關(guān)。

But in the past few months, McDonald’s has figured in close to 100 Russian court cases,Vedomosti reports. In the previous seven years, it only figured in 10.

但據(jù)《紀錄報》報道，過去幾個月，麥當勞被卷入了近100起俄羅斯法庭訴訟。而在之前的7年間，涉及麥當勞的訴訟案僅有10起。

Latin America: regional woes hit revenues

拉美：區(qū)域性困境沖擊收入

Paula, a McDonald’s worker in São Paulo, says she cannot think of anything worse than eatinghamburgers for lunch every day, writes Samantha Pearson in São Paulo.

圣保羅的麥當勞員工葆拉(Paula)說，她想像不出比天天午餐吃漢堡更糟糕的事。

“You saw what happened to the man in that documentary from America, right?” she said,referring to Super Size Me, the 2004 documentary in which film-maker Morgan Spurlock eatsonly at McDonald’s for a month.

“你也看到那部美國紀錄片里的人怎樣了，對吧?”她說。她指的是2004年的紀錄片《超碼的我》(Super SizeMe)，攝制該片的摩根•斯普爾洛克(Morgan Spurlock)在一個月里只吃麥當勞。

However, after a string of complaints, Paula and the rest of Brazil’s McDonald’s employees nowhave the option of eating a typical Brazilian meal of rice, beans and beef in their breaksinstead.

然而，在一連串的抱怨后，葆拉和巴西麥當勞的其他員工現(xiàn)在可以選擇在休息時吃傳統(tǒng)的巴西餐——米飯、豆子和牛肉。

The option is even available to customers for R$23 (US$9) if they look hard enough, she said,pointing to the small print at the bottom of the menu.

葆拉指著菜單底部的一行小字說，即使顧客也可以花23巴西雷亞爾(合9美元)購買這樣的一餐——如果他們看的夠仔細的話。

Catering to local tastes in the region, however, is not the only challenge for Arcos Dorados,the Buenos Aires-based company that owns the exclusive right to operate McDonald’srestaurants in 20 Latin American and Caribbean countries.

迎合當?shù)厝说目谖恫⒉皇茿rcos Dorados面臨的唯一挑戰(zhàn)。這家總部位于布宜諾斯艾利斯的公司擁有20個拉美和加勒比國家麥當勞餐廳的獨家運營權(quán)。

In the three months to September 30, the company recorded consolidated revenues of $904m,down 11.5 per cent from the previous year. Arcos accounts for only about 6 per cent ofMcDonald’s global sales.

截至去年9月30日的3個月里，該公司的合并收入為9.4億美元，同比下降了11.5%。在麥當勞全球銷售額中，來自Arcos的銷售額僅占6%。

The problems at Arcos are largely related to local competition and the macroeconomicenvironment of its five main markets, said Martha Shelton, equity analyst at Itaú BBA.

Itaú BBA的股票分析師瑪莎•謝爾頓(Martha Shelton)說，Arcos面臨的問題大多與5個主要市場的當?shù)馗偁幒秃暧^經(jīng)濟形勢有關(guān)。

Brazil, Argentina, Mexico, Puerto Rico and Venezuela make up 80 per cent of the company’ssales, in that order, she said.

謝爾頓表示，該公司80%的銷售額來自5個國家，按高低排序依次為巴西、阿根廷、墨西哥、波多黎各和委內(nèi)瑞拉。

In Venezuela, Arcos has been hit by the country’s deepening economic crisis and shortfalls ofbasic goods — McDonald’s restaurants across the country even ran out of fries this month,according to local media. In Argentina, high inflation has weighed on profits.

在委內(nèi)瑞拉，不斷加深的經(jīng)濟危機和基本物資的短缺困擾著Arcos。據(jù)當?shù)孛襟w報道，上月該國的麥當勞餐廳竟然沒有薯條可賣。在阿根廷，高通脹影響了盈利。

“We expect Arcos Dorados’ growth strategies to reflect efforts in minimising exposures tothese two countries,” said Moody’s in a note.

“我們預(yù)期，Arcos Dorados的增長戰(zhàn)略將反映出把這兩個國家的風險敞口降到最低的努力，”評級機構(gòu)穆迪(Moody’s)在一份簡報中表示。

In Brazil, which accounts for more than half of Arcos’s sales, currency depreciation and aslowdown in consumption, even during the World Cup last year, have eroded profits.

巴西市場占Arcos總銷售額的一半以上。在巴西，貨幣貶值和消費放緩削弱了麥當勞的盈利，即使世界杯也未能扭轉(zhuǎn)局面。

In Mexico, Arcos has also struggled to compete with the informal market — the man sellingtacos on the street corner who even extends credit to his best customers. “That will alwayscause difficulties for hamburger chains,” said Itaú’s Ms Shelton.

在墨西哥，Arcos還要竭力與非正規(guī)市場展開競爭——街角賣墨西哥卷的小販甚至愿意讓關(guān)系最好的客人賒賬。“這總會給漢堡連鎖品牌造成許多困難，”Itaú BBA的謝爾頓說。

Europe: ideas laboratory hit by economic downturn

歐洲：經(jīng)濟衰退沖擊創(chuàng)意實驗室

Steve Easterbrook’s reward for his successful stint at the head of the UK division was to beappointed president of McDonald’s Europe. When he quit in 2011 to head PizzaExpress, Europewas MacDonald’s fastest-growing region, writes Roger Blitz in London.

史蒂夫•伊斯特布魯克負責麥當勞英國分部運營時表現(xiàn)非常出色，作為回報，他被總部任命為麥當勞歐洲區(qū)總裁。2011年他從麥當勞跳槽到PizzaExpress出任首席執(zhí)行官時，歐洲是麥當勞增長最快的區(qū)域。

Commonly a laboratory for the company’s new ideas, McDonald’s Europe was attractingcustomers with high-end beef, breakfast and garden wraps.

歐洲通常是麥當勞新創(chuàng)意的試驗場。當時歐洲麥當勞正以上乘牛肉、早餐和田園卷吸引顧客。

Mr Easterbrook’s strategy suited recession-hit Europe. Cash-poor Europeans swallowed theirmisgivings about the godfather of American-imported fast-food culture and stepped gingerlyinside McDonald’s restaurants — lured by some tailored offerings.

伊斯特布魯克的戰(zhàn)略很適合經(jīng)濟衰退的歐洲。在一些量身定制產(chǎn)品的誘惑下，手頭拮據(jù)的歐洲人按捺住對美式快餐文化“教父”麥當勞的疑慮，小心翼翼地邁進了這家連鎖餐廳的大門。

France got a McBaguette, and gave McDonald’s its most profitable international market. Salesacross more than 1,200 restaurants in France topped $5bn.

推出麥法棍(McBaguette)的法國，是麥當勞最為盈利的國際市場。1200多家法國門店的銷售總額高達50億美元。

But its most recent results suggest that, as in other markets, many European consumers arenow spoilt for choice when it comes to fast food. Fourth-quarter same-store sales dropped 1.1per cent and operating income was down 14 per cent.

但最新結(jié)果似乎表明，就像在其他市場那樣，可供歐洲顧客選擇的快餐太多了。去年第4季度，同店銷售額降低了1.1%，運營利潤降低了14%。

While the UK was doing well, the company was suffering from “consumer confidence issues” inRussia and Ukraine and weakness in France and Germany.

雖然英國的業(yè)績還不錯，但麥當勞在俄羅斯和烏克蘭遭遇“消費者信譽危機”，在法國和德國也不太景氣。

Competition comes from top-end burger chains, plus fast-food businesses focusing onspecialities such as Japanese and Mexican food.

競爭來自于高端漢堡連鎖品牌，以及像日本料理、墨西哥美食等特色風味快餐。

McDonald’s is still expanding across Europe, pushing up actual sales. But the decline in like-for-like sales means that the performance overall is “fragile”, said Euromonitor analyst KarlaRendle.

麥當勞依然在歐洲市場擴張，這推高了實際銷售額。但是歐睿分析師卡拉•倫德爾(Karla Rendle)說，同店銷售額的下滑表明，麥當勞的總體表現(xiàn)比較“脆弱”。

“The poor economic climate in countries such as Greece and Italy will have also impactedMcDonald’s sales,” she added.

“在希臘、意大利這樣的國家，低迷的經(jīng)濟形勢也影響了麥當勞的銷售額，”她補充道。

“McDonald’s three main challenges — brand image, market positioning and menu changes —are the same for Europe as they are for the US and the rest of the world.”

“對于麥當勞的三大主要挑戰(zhàn)——品牌形象、市場定位、菜單變革，歐洲麥當勞與美國乃至世界其他地方的麥當勞面臨著相同的境況。”