Chipotle to expand to Asia through joint venture with SPC Group
The Chipotle logo is seen in one of the restaurants in Manhattan in New York.
Andrew Kelly | Reuters
Chipotle Mexican grille On Wednesday, he announced his plans to expand to Asia for the first time through a joint venture with a Korean -based restaurant operator SPC Group.
The Burrito chain aims to open its first chipotle position in South Korea and Singapore in 2026.
According to the company files, Chipotle’s more than 3,800 restaurants worldwide are in the USA. However, Chipotle has been trying to grow internationally in recent years. Most international restaurants are in Canada and Europe, but they are trying to expand to new markets.
In July 2023, Chipotle made an agreement with the Alshaya group to open places in the Middle East; The operator is currently in three Chipotle restaurants in Kuwait and three more in the United Arab Emirates.
Earlier this year, the company signed a development agreement with Latin American operator Alsea to open its first places in Mexico. Chipotle’s first Mexican restaurant is expected to open next year.
Chipotle shares fell more than 1% on Wednesday. Investors fell by 35% this year, as the chain feared the same store sales of the same store sales and the health of the US consumers.
