(Reuters) -Chipotle Mexican Grill plans to foray into Asia subsequent 12 months by opening eating places in South Korea and Singapore, because the bowls and burritos maker seeks to develop its world footprint amid easing shopper spending on eating out in key U.S. market.
The California-based firm will open the eating places by means of a three way partnership with South Korea-based meals firm, SPC Group, it mentioned on Wednesday.
“With a quickly evolving dining-out enterprise, fueled by preferences for selection and comfort, increasing into Asia presents an unimaginable progress alternative for Chipotle,” mentioned CEO Scott Boatwright.
In April, Chipotle introduced its plans to open eating places in Mexico for the primary time, following final 12 months’s take care of Alshaya Group to develop into the Center East market by way of Dubai and Kuwait.
The corporate lowered its annual gross sales progress goal in July and missed quarterly gross sales estimates, harm by fewer restaurant journeys in an unsure financial system. U.S. President Donald Trump’s commerce tariffs are additionally set to drive up supply-chain prices.
Chipotle’s current worldwide portfolio of owned and operated eating places contains places in Canada, the UK, France and Germany.
The corporate at present operates greater than 3,800 eating places and plans to open between 315 and 345 new retailers this 12 months, with a long-term goal of working 7,000 places within the U.S. and Canada, it mentioned.
(Reporting by Savyata Mishra in Bengaluru; Enhancing by Shilpi Majumdar)