Chipotle to expand Asia through a joint venture with Spc Group

Mexican Chipotle grill On Wednesday, it announced plans to expand in Asia for the first time through a joint venture with SPC Group, a restaurant operator in the Korean.

The Burrito series aims to open the first Chipotle sites in South Korea and Singapore in 2026.

Of more than 3,800 restaurants worldwide, 98 % in the United States, according to the company’s files. However, Chipotle is trying to grow internationally in recent years. Most of its international restaurants are in Canada and Europe, although they are trying to expand in new markets as well.

In July 2023, chipotle Make a deal With the Alshaya group to open sites in the Middle East; The operator is currently running three Chipotle restaurants in Kuwait and three others in the United Arab Emirates.

Earlier this year, the company as well The Development Agreement signed With the Latin American player Alsea to open its first sites in Mexico. The first Mexican restaurant is expected to open in Chipotle next year.

Chipotle shares fell more than 1 % on Wednesday. The stock decreased by 35 % this year as investors are concerned about the series Two of the two quarters in a row It is a decrease in sales of the store itself and the health of the American consumer.