Chipotle signs first-ever development agreement with Middle East's Alshaya Group to accelerate international expansion
Through the partnership, Chipotle will open restaurants in the following locations: Kuwait And that United Arab Emirates in 2024
Newport Beach, California, July 18, 2023 /PRNewswire/ — Chipotle Mexican Grill (NYSE: CMG) announced today that it has signed its first development agreement to open a restaurant at Chipotle Mexican Grill (NYSE: CMG). middle east We will also accelerate our international expansion efforts. In partnership with leading international franchise retailer Alshaya Group, we will initially open new restaurants in the following locations: dubai and Kuwait We plan to expand further across the region early next year.
“By leveraging Alshaya's market expertise, we will be able to quickly access these vibrant economies,” said the chairman and chief executive officer. brian nicol. “We look forward to welcoming our guests.” middle east We look forward to serving responsibly sourced, traditionally prepared, real food and furthering our purpose of building a better world in this new realm. ”
Mohammed Alshaya, Executive Chairman of Alshaya Group, said: middle eastWe are proud to be Chipotle's first and only franchise partner and continue to strengthen our portfolio by offering world-class brands to customers across markets. ”
Chipotle's existing international portfolio of owned and operated restaurants includes 34 locations: Canada; 15 England Three more will open this summer.6 locations France; and two in Germany. The company currently owns and operates more than 3,200 restaurants in North America and is targeting annual growth of 8-10% for the foreseeable future, with at least 80% of them including Chipotle Lanes. Chipotle plans to open more than 255 new restaurants this year, with a long-term goal of 7,000 stores in India. North America.
Chipotle's newly formed business development group led by chief business development officer Nate Lawtonis seeking growth opportunities through external partnerships. Information about submitting a proposal is available at https://ir.chipotle.com/contact-us.
Chipotle Mexican Grill, Inc. (NYSE: CMG) serves real, traditionally prepared food made with responsibly sourced, wholesome ingredients and no artificial colors, flavors or preservatives. By providing the following, we aim to make the world a better place.Chipotle currently has over 3,200 restaurants March 31, 2023in US, Canada, England, France and Germany. Chipotle is a Fortune 500 company and was named to his 2023 list of Fortune Magazine's Most Admired Companies and Time Magazine's Most Influential Companies. With more than 100,000 employees passionate about delivering a great guest experience, Chipotle is a longtime leader and innovator in the food industry. Chipotle remains a purposeful brand that leads in digital, technology and sustainable business practices, while also working to make our food more accessible to everyone. For more information or to order online, visit www.chipotle.com.
About Alshaya Group
Alshaya Group is a dynamic, family-run business that was first established. Kuwait With a track record of consistent growth and innovation, Alshaya Group is one of the world's leading brand franchise operators, offering customers an unparalleled selection of popular international brands.
Alshaya Group's portfolio spans MENA, Türkiye and Europewith thousands of shops, cafes, restaurants and leisure facilities, as well as a large online and digital business.
Operating in multiple sectors including fashion, food, health and beauty, pharmacy, home furnishings, leisure and entertainment, Alshaya Group employees are committed to delivering exceptional customer service and a genuine brand experience. We are united in
Fresh, modern and relevant, Alshaya's portfolio is constantly evolving and reflects the choices and lifestyles of its customers. From flagship stores and restaurants in upscale malls to local coffee shops, drive-thrus and online, Alshaya Group delivers the brands customers love where they want to go. Learn more about Alshaya Group here.www.arshaya.com.
SOURCE Chipotle Mexican Grill, Inc.
For more information: Erin Wolford, (949) 524-4035, MediaRelations@chipotle.com, Diala Nahle, +965 22581703, Diala.Nahle@Alshaya.com