(Bloomberg) -- McDonald’s Corp. is launching a new US value platform in an attempt to woo budget-conscious diners.
The new lineup, called McValue, includes an offer to buy one item and get one for $1, according to people familiar with the matter. McDonald’s will also extend a $5 meal bundle, launched in June, until at least mid-2025.
The value menu is key to the chain’s efforts to restore its reputation as an affordable fast-food destination, which years of price increases have eroded. McDonald’s made some headway in bringing diners back, in part with its $5 bundle, before an E. coli outbreak linked to slivered onions on its Quarter Pounder spooked customers.
In an emailed statement, the company said “we and our franchisees have heard customers loud and clear when it comes to keeping prices as affordable as possible,” referring to the $5 meal deal and other promotions. For next year, McDonald’s said it “can’t wait to share what’s in store.”
McDonald’s shares were little changed in New York trading on Wednesday. The stock has declined about 2% this year, underperforming the S&P 500 Index.
The chain has been working for months to revamp its value platform, which will replace another lineup with items for $1 to $3 that first came out in 2018. Thanks to inflation-fueled price increases, it’s now rare to find anything on the lower end of that range.
McDonald’s plans to introduce its updated US value platform in the first quarter of 2025, Chief Financial Officer Ian Borden said during the company’s October earnings call.
The chain’s same-store sales have declined for two straight quarters. McDonald’s has also been expanding its value offerings outside of the US as sales have slid, in part because of boycotts against American chains sparked by the war in the Middle East.
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