Today, Chipotle Mexican Grill, Inc. (NYSE:CMG)’s approached $700 mark the closest as ever, an indicator that the company is doing pretty well in the third quarter. Bloomberg’s Leslie Patton reported about the Chipotle Mexican Grill, Inc. (NYSE:CMG)’s major areas of growth and expansion strategies in a program. She thinks that Chipotle Mexican Grill, Inc. (NYSE:CMG) is trying different smart strategies to attract all sorts of customers.
“[…] They are expanding really quickly, they are opening stores in the right locations, they are also experimenting with some new stuff, they have Tofu in some stores now to get in vegetarians in there, and they recently rolled out catering which seems to be going pretty well,” said Patton.
Answering the question about overseas growth of Chipotle Mexican Grill, Inc. (NYSE:CMG), Patton said that the company is very slow overseas because there is a different food market outside the US. She said that Chipotle Mexican Grill, Inc. (NYSE:CMG) has opened a store in London and there is a couple of stores in France. She thinks that company will have to go slow but steady in the overseas market. They will have to focus on food quality and marketing strategies to gain growth outside the US. Patton said that Chipotle Mexican Grill, Inc. (NYSE:CMG) has plans to open new stores in Germany very soon.
Patton said that Chipotle Mexican Grill, Inc. (NYSE:CMG) is trying to revamp its menus and strategies and she doesn’t think that the company will be much interested in Pizza and Asian cuisine food chains. She said that menu price increases from the company didn’t have any bad effect on the company’s overall sales.
“[…] Their menu price increase was pretty steep, it was about 6.5% on average, which is pretty high, and so far they have said that they haven’t seen customer resistance to it, people are still willing to shell out for burritos and tacos. They have seen a little bit of trade down to some chicken items, which are still relatively a little cheaper than steak,” said Patton.
Billionaire investor Jim Simons is one of the top shareholders of Chipotle Mexican Grill, Inc. (NYSE:CMG), having 113,800 of the company.
Disclosure: None
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