Chipotle Introduces Taste of Asia - Analyst Blog
April 13 2011 - 7:30AM
Zacks
Denver, Colorado-based
Chipotle Mexican Grill, Inc (CMG)
is scheduled to open its first Asian themed restaurant in
Washington, D.C this summer.
The new concept, ShopHouse
Southeast Asian Kitchen, is based on the traditional shophouses in
Thailand, Malaysia and Vietnam. Shophouses are two or three storied
buildings with families living in the upper floors and running
restaurants on the ground floor.
Shpohouses will offer typical
Southeast Asian cuisine coupled with naturally raised food, for
which Chipotle is well known. Moreover, customers can enjoy
customized meals according to their preference and the food will be
cooked in front of the customer in an open kitchen.
Chipotle, a chain of fast casual
and Mexican food restaurants, has opened the Asian-inspired
restaurant to test how the Chipotle model works with other
cuisines. After the opening of the restaurant, the company will
wait and watch and decide upon the next step based on the success
of the concept.
We believe if Chipotle tastes
success in this effort, the company will drive higher profitability
in this emerging opportunity. The company is already in an
expansion mode and expects to open 135–145 new restaurants in 2011.
Additionally, we are encouraged with Chipotle’s international
expansion plan. In 2010, the company opened its first restaurant in
London and also opened its second restaurant in Toronto, Canada.
The company is also seeking opportunities in the U.K, Germany and
France, and plans to open a store in Paris by 2011.
Chipotle currently retain a Zacks
#3 Rank, which translates into a short-term ‘Hold’ rating. We are
also maintaining our long-term Neutral recommendation on the
stock.
The company is slated to release
its first quarter 2011 results on April 20, 2011. One of Chipotle’s
primary competitors BJ’s Restaurants, Inc. (BJRI)
will report its first quarter results on April 21, 2011.
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