Mixue Ice Cream & Tea (also known as Mixue Bingcheng), a Chinese chain specializing in affordable ice cream, bubble tea, and other beverages, currently has the largest number of retail locations worldwide, with over 45,000 outlets as of late 2025.
This rapid expansion—primarily in China and Southeast Asia—has allowed it to surpass traditional leaders. For comparison:
McDonald’s: ~41,000–44,000 locations
Starbucks: ~40,000 locations
Subway: ~37,000 locations (down from its peak due to closures)
Mixue’s low-cost model and franchise strategy have driven its growth, making it the top fast-food chain by store count according to multiple 2025 industry reports and analyses. Note that rankings focus on physical locations, not revenue (where McDonald’s and Starbucks often lead).
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My internet showed Subway being the one with the most. ♀️