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McDonalds is in the real estate business (letting buildings), fast food is just a side order.


Aren't the stores franchise's, with the individual stores owned by the relevant franchisee?


The operations are mostly franchised, but the corp owns many of the buildings and plots of lands that they are located on.

https://www.mcdonalds.com/us/en-us/about-us/franchising/real...




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