Five Guys and McD's probably have little overlap for most of their customer base. But even McD's are trying to make their brand/offering "more premium", and plenty of others coming into the space are nearer the premium end (WingStop, Popeye's, Dave's, Shake Shack, etc.). McD's and Spoons business model doesn't work without the footfall.
I may not be Merlin's target customer, but I'd prefer to pay more to queue less, have a better experience, and decent food. The most expensive part of a Merlin visit for me is time - what else I could be doing, or how much I could be earning. Giving up that time to stand in queues - no thanks. (We gave up Map for that exact reason)
As already said by others Merlin may have dug themselves into an Oblivion-size hole, as raising prices significantly to invest is probably a customer-losing proposition. But in any case OpEx will keep increasing (staff costs, maintenance, energy, etc.) so there's likely to be price creep.
I may not be Merlin's target customer, but I'd prefer to pay more to queue less, have a better experience, and decent food. The most expensive part of a Merlin visit for me is time - what else I could be doing, or how much I could be earning. Giving up that time to stand in queues - no thanks. (We gave up Map for that exact reason)
As already said by others Merlin may have dug themselves into an Oblivion-size hole, as raising prices significantly to invest is probably a customer-losing proposition. But in any case OpEx will keep increasing (staff costs, maintenance, energy, etc.) so there's likely to be price creep.