After McDonald's got rid of its Dollar Menu in 2014, the fast-food giant struggled with falling sales and less traffic as they introduced higher-priced items without the value customers were accustomed to.
"One of the things that we have said to our franchisees in the US is we don't have to win on value, but we can't lose on value," McDonald's US president Chris Kempczinski said in a call with investors on Tuesday, via Business Insider.
To do that, the chain will introduce a new value menu in 2018, with items priced at $1, $2 and $3. McDonald's needs a discount menu like this to compete with other fast-food giants, including Wendy's and Burger King, and this return to previous value will likely have a positive impact on McDonald's.
After losing an estimated half-billion customers since doing away with the Dollar Menu, customer traffic is higher after three-quarters of the way through the year for the first time in years, The Motley Fool reports. The numbers give this year the potential to be the first out of the past five in which McDonald's has more customers than it did the year before.
While value is set to make a return to the chain, speed is not so much of a focus, as new innovations like ordering kiosks and table service at redesigned locations will slow down orders. Executives speculate that the redesigned restaurants will take about five seconds longer for each order.
"We want to be providing faster service for those customers that really want fast service," CEO Steve Easterbrook said. "At the same time, not everyone wants to be rushed, and, therefore, we're providing more alternatives."