QSR Magazine Releases Ranking of Top 50 QSR Brands for 2024

This week, QSR Magazine released the 2024 QSR 50, the annual report ranking the top fast food brands in the world. 

Here are the top 10 winners:

1. McDonald’s, which continues to lead the U.S. market in systemwide sales, has plans for aggressive global expansion. By 2027, McDonald’s aims to grow to 50,000 locations worldwide, leveraging significant investments in digital, delivery, drive-thru and loyalty programs. New small-format concepts like CosMc’s (which focuses on customizable beverages) are part of the brand’s strategy to capture niche markets.

2. Starbucks has maintained robust unit growth, expanding by 902 locations since 2021, making it the second-largest U.S. brand by store count. However, the brand faces challenges with declining traffic and the need to revamp digital engagement and supply chain efficiency. Starbucks aims to enhance customer value perception and operational throughput with new technology and service strategies.

3. Chick-fil-A excels in drive-thru efficiency and customer satisfaction, with notable sales growth across its locations. The brand’s revenue continues to rise, with plans for further expansion in Canada and Puerto Rico. Chick-fil-A’s drive-thru locations alone averaged $9.275 million in sales in 2023.

4. Taco Bell has surpassed $15 billion in U.S. systemwide sales, driven by a strong value menu and digital channel innovations. The chain’s introduction of a new product every five weeks and significant upgrades to its POS and inventory management systems have bolstered its market position.

5. Wendy’s is enhancing its breakfast and digital operations, piloting AI-driven drive-thru automation and undergoing leadership changes to drive growth. Despite facing backlash over dynamic pricing strategies, Wendy’s plans to accelerate global unit expansion and modernize its restaurant designs.

6. Dunkin' has rebounded strongly after a net decline in units in 2020, expanding by 210 locations in 2023. Acquired by Inspire Brands in late 2020, Dunkin's average unit volumes rose to $1.3 million, with significant growth in high-potential markets like Saudi Arabia and western U.S. regions. The brand continues to innovate with modular designs and co-location opportunities, such as its combo stores with Jimmy John’s and Buffalo Wild Wings GO.

7. Burger King is focusing on remodeling and re-franchising to modernize its U.S. restaurants and improve franchisee profitability. The chain's new “Sizzle” prototype emphasizes digital ordering and streamlined operations. A significant investment in the “Reclaim the Flame” initiative aims to refresh existing locations and adopt new designs, targeting an increase in average profitability per restaurant to $300,000 by 2028.

8. Subway's acquisition by Roark Capital, valued at approximately $9.6 billion, marks a new era for the brand. Subway achieved positive global net growth for the first time since 2016, driven by international expansion. The brand continues to modernize with the "Fresh Forward" image, achieving significant same-store sales growth and digital sales improvements.

9. Chipotle is expanding internationally, opening its first restaurant in Kuwait as part of a partnership with Alshaya Group. The brand is doubling its venture fund to $100 million to support innovation and automation, including the testing of robotic digital makelines. Chipotle has introduced new benefits for Gen Z employees and adjusted menu prices in response to labor cost increases.

10. Domino's "Hungry for More" strategy aims to capture $7 billion in incremental sales over the next five years, targeting 50,000 restaurants globally. Key initiatives include a global deal with Uber Eats and Postmates for third-party delivery, a revamped loyalty program and menu innovations like Pepperoni Stuffed Cheesy Bread. Franchisee profitability is on the rise, with a significant increase in average EBITDA per unit.

In the first part of August, 1851 Franchise is rolling out a series of articles spotlighting the leading restaurant franchises across different categories. This series is designed to offer in-depth information, assisting prospective franchisees in making well-informed decisions about where to invest and identifying the industry sectors with significant growth potential.

Check out our 1851 Franchise 2024 Restaurant Industry issue here. 

Check out the full 2024 QSR 50 Report here.