In the late 1950s, McDonald’s executives discovered that being in the real estate business was more profitable than focusing solely on the food business. McDonald’s founder Ray Kroc had a business partner, Harry J. Sonneborn, who devised a plan to purchase or lease the land on which nearly all McDonald’s restaurants would be located. He then charged franchisees a monthly rental fee for the land, or a percentage of their sales, whichever was greater. The rest, as they say, is entrepreneurial history.
The world may be getting smaller, but cities are getting bigger. More than 80 percent of the country’s population lives in urban areas, according to U.S. Census Bureau data.
Fortunately, cities are getting smarter too. Using technology, data, and analytics, cities can implement “smart”...Read More