The world's largest fast-food chain serving burgers, fries, and breakfast items
California's $20 fast food minimum wage took effect April 2024. Employment declined 9,600-19,300 jobs. Prices jumped 5-10%. Store closures accelerated. But the industry didn't collapse. Two years of real data shows both advocates and critics were partially right. Here's who won, who lost, and what other states should learn.
Flynn Restaurant Group operates 2,600 locations. Sun Holdings runs 1,300. You've never heard of them, but they control more of QSR than most brands. Here's how the mega-operators are quietly taking over the industry.
Roark Capital controls Subway, Dunkin', Arby's, Jimmy John's, and Buffalo Wild Wings. That's 70,000 locations and 0 billion in sales. The QSR industry isn't run by restaurant operators anymore. It's run by private equity.
McDonald's, Chipotle, Yum, Wingstop, CAVA, and Shake Shack are all public QSR stocks. But they're playing entirely different games - and Wall Street is making very different bets on who wins.
Jollibee operates 1,700+ stores across 18 countries, growing 8-10% annually while McDonald's grows at 2-3%. In the Philippines, Jollibee owns 50% of the QSR market while McDonald's sits at 15%. The fast food map is being redrawn.
Mediterranean QSR grew 14% in 2024 vs 4% for fast-casual overall. Cava crossed B in revenue with 350+ locations heading to 1,000 by 2032. Average unit volumes hit .5M-.8M with 24-27% margins. This category is exploding.