A restaurant chain that already has more than 2,600 outlets nationwide has announced plans to build up to 165 new locations by the end of this year.
The Newport Beach, California-based Chipotle Mexican Grill is known for its tacos, burritos, and quesadillas, and is unofficially classified as a fast casual eatery.
Founded in 1993, Chipotle opened its first grill location in Denver, enjoying a rapid expansion of restaurants, primarily in the West in the years to follow.
It has for several years been ranked in the industry as one of the fastest-growing restaurant chains in the country.
Last year the company saw its sales volume increase by at least 10 percent, a healthy number coming on the heels of a strong 2018, when total revenue was up by nearly 9 percent.
Now the company has signaled to its investors that it expects to see an equally good 2020 with a revenue growth of around 10 percent, although some analysts think that number could reach as high as 13 percent.
Measuring an average of 2,200 to 2,500 square feet, Chipotle restaurants are known for their sleek designs composed of corrugated metal, stainless steel, and plywood.
It has been reported that each store costs an average of $850,000 to build.
The chain has recently implemented a drive-through window service called “Chipotlane,” which it has in more than 60 stores, with more than half of the 165 new locations offering that feature.
The company has not announced where its new restaurants will be built. Nearly 1,000 of the chain’s current stores are located in the nation’s four biggest states: California, Texas, Florida, and New York.
Chipotle currently has almost 200 restaurants in Arizona, Colorado, and New Mexico.
By Garry Boulard
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