Chipotle to expand to Asia through joint venture

Chipotle Mexican Grill connected Wednesday announced plans to grow to Asia for the archetypal clip done a associated task with SPC Group, a Korean-based edifice operator.

The burrito concatenation aims to unfastened its archetypal Chipotle locations successful South Korea and Singapore successful 2026.

Out of Chipotle's much than 3,800 restaurants worldwide, 98% are successful the United States, according to institution filings. However, Chipotle has been trying to turn internationally successful caller years. Most of its planetary restaurants are successful Canada and Europe, though it's been trying to grow to caller markets, too.

In July 2023, Chipotle inked a deal with Alshaya Group to unfastened locations successful the Middle East; the relation presently runs 3 Chipotle restaurants successful Kuwait and different 3 successful the United Arab Emirates.

Earlier this year, the institution besides signed a improvement agreement with Latin American relation Alsea to unfastened its archetypal locations successful Mexico. Chipotle's archetypal Mexican edifice is expected to unfastened adjacent year.

Shares of Chipotle fell much than 1% connected Wednesday. The banal has fallen 35% this twelvemonth arsenic investors fret implicit the chain's two consecutive quarters of same-store income declines and the wellness of the U.S. consumer.