The Chipotle logo can be found in one of the restaurants in Manhattan, New York City.
Andrew Kelly | Reuters
Chipotle Mexican Grill On Wednesday, it announced plans to expand to Asia for the first time through a joint venture with South Korea-based restaurant operator SPC Group.
The Burrito Chain aims to open its first Chipotle location in Korea and Singapore in 2026.
According to company submissions, out of more than 3,800 restaurants worldwide, 98% are in the US. However, Chipotle has been trying to grow internationally in recent years. Most international restaurants are located in Canada and Europe, but are looking to expand to new markets as well.
In July 2023, Chipotle signed a contract with the Al Shaya Group and opened a location in the Middle East. Currently, the operator operates three Chipotle restaurants in Kuwait and three Chipotle restaurants in the United Arab Emirates.
Earlier this year, the company also signed a development agreement with Latin American operator Alsea to open its first location in Mexico. Chipotle’s first Mexican restaurant is scheduled to open next year.
Chipotle shares fell more than 1% on Wednesday. The share price fell 35% this year as investors worry about the decline in the same store sales in the chain’s two consecutive quarters and the health of US consumers.
