Shake Shack reveals major expansion plans in China
China is ready for faster, more relaxed dining establishments. At least that’s what Shake Shack (NYSE: SHAK) count on ; the company said in a press release on Tuesday that it is developing a partnership with a licensee in that country that will result in at least 15 new shake shacks in southern China by 2030.
In total, the company wrote, its goal is to have a total of 55 across mainland China by then.
Shake Shack’s partner is privately-held Maxim’s Caterers, which Shake Shack says has more than six decades of experience managing food, beverage and retail operations. Maxim’s currently operates a handful of licensed Shake Shack outlets in Shanghai and the formerly independent “Special Administrative Region” of Hong Kong.
Other restaurants are currently in development in Beijing and another once-independent location, Macau’s gaming mecca.
Shake Shack is eager to go deeper into the huge Asian country, especially now that the novel coronavirus epidemic he seems to have calmed down. The company said it would “continue[s] to be encouraged by the performance of our Chinese activities through this takeover. This is the perfect time to deepen our roots in this market. “
The planned restaurants will include many of the same menu items available from their American counterparts. These include the signature ShackBurger, the Shack-cago dog, and crisp cut fries.
The Rapidly expanding the company has a relatively large presence abroad. At the end of March, 98 of its 287 restaurants were licensed Shake Shacks located outside of US borders.
Shake Shack did well after announcing its new plans for China. The stock closed nearly 3.6% on Tuesday, eclipsing both the broad stock market’s gains and those of many others. consumer goods actions.
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