Shake Shack Expansion into China as group looks to open 10 Shacks in new territories in China by 2031
Category: Shake Shack (SHAK)
Date: 2 July 2021 Stock price of Shake Shack (SHAK) : $103.98 Market Capital Of Shake Shack: $4.37 billion News out of Shake Shack is that the group is looking to expand into China starting in 2022 as they look to open 10 Shacks in new territories in China by 2031, taking the total 79 Shacks in China by 2031.
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We are humbled by the enthusiasm our fans have shown us in China and see this extension to Chengdu and beyond as a natural next step for Shake Shack- Michael Kark, Chief Global Licensing Officer of Shake Shack."
More About Shake Shack (SHAK)
Shake Shack is a modern day “roadside” burger stand serving a classic American menu of premium burgers, hot dogs, crinkle-cut fries, shakes, frozen custard, beer and wine. With its fresh and simple, high-quality food at a great value, Shake Shack is a fun and lively community-gathering place with widespread appeal.
Quick facts about Shake Shack
Quick facts about Shake Shack
- Shake Shack is listed on the New York Stock Exchange under share code ticker: SHAK
- Shake Shack has 7 603 employees
- Shacks located in the Northeast and the New York City metropolitan area comprises approximately 44% of the total domestic company-operated Shacks as of December 25, 2019
- Shake Shack has 287 outlets
- Of the 275 Shake Shack Outlets 98 is outside the USA
- Shake Shack sales for 2019 fiscal year: $574.625 million
- Earnings per share for fiscal 2019: $0.61
- Shares in issue: 34.4444 million
Shake Shack announcement on planned Chinese expansion
NEW YORK--(BUSINESS WIRE)-- We’re shaking things up in China! Following openings in Shenzhen, Macau, Beijing, Shanghai and Hong Kong, Shake Shack Inc. (“Shake Shack” or the “Company”) (NYSE: SHAK) and licensee Maxim’s Caterers Limited are continuing the momentum in China with an expanded partnership to open 10 Shacks in new territories by 2031, including locations in Sichuan, Chongqing, Yunnan, Hubei, Shaanxi, Anhui, Henan and Guizhou.
The new agreement increases the company’s development commitment with Maxim’s Caterers Limited in China to 79 by 2031. There are currently 16 Shacks open in China, with 2021 new market entries so far in Macau and Shenzhen; Hangzhou will come later this year.
“We are humbled by the enthusiasm our fans have shown us in China and see this extension to Chengdu and beyond as a natural next step for Shake Shack,”says Michael Kark, Chief Global Licensing Officer of Shake Shack. “China is incredibly fast paced, dynamic and remains our fastest growing international market. Maxim’s continues to raise the bar in spreading the Shack love across China and we can’t wait to show our guests what we have in store.”
Maxim's has more than 60 years of experience operating in the food, beverage and retail sectors including full-service and quick-service restaurants, bakeries and coffee shops.
“The rapid growth of Shake Shack in East, North and South China has demonstrated the high trust and support of our fans in China, and this has laid the groundwork for our new agreement to develop further in Southwest China,” says Michael Wu, Chairman and Managing Director of Maxim's Caterers Limited. “Maxim's and Shake Shack adhere to a friendly and cooperative relationship and will continue to explore a more comprehensive expansion plan into 2031, bringing Chinese guests Warm Community Gathering Places with premium ingredients and enlightened hospitality.”
The new agreement increases the company’s development commitment with Maxim’s Caterers Limited in China to 79 by 2031. There are currently 16 Shacks open in China, with 2021 new market entries so far in Macau and Shenzhen; Hangzhou will come later this year.
“We are humbled by the enthusiasm our fans have shown us in China and see this extension to Chengdu and beyond as a natural next step for Shake Shack,”says Michael Kark, Chief Global Licensing Officer of Shake Shack. “China is incredibly fast paced, dynamic and remains our fastest growing international market. Maxim’s continues to raise the bar in spreading the Shack love across China and we can’t wait to show our guests what we have in store.”
Maxim's has more than 60 years of experience operating in the food, beverage and retail sectors including full-service and quick-service restaurants, bakeries and coffee shops.
“The rapid growth of Shake Shack in East, North and South China has demonstrated the high trust and support of our fans in China, and this has laid the groundwork for our new agreement to develop further in Southwest China,” says Michael Wu, Chairman and Managing Director of Maxim's Caterers Limited. “Maxim's and Shake Shack adhere to a friendly and cooperative relationship and will continue to explore a more comprehensive expansion plan into 2031, bringing Chinese guests Warm Community Gathering Places with premium ingredients and enlightened hospitality.”
Shake Shack (SHAK) stock price chart over the last 5 years
The image below shows the stock price history of Shake Shack (SHAK) over the last 5 years. And its been a very good time for SHAK stockholders, with the stock increasing by 1157.7% over the last 5 years. No investor would say no to those type of returns
The stock of Shake Shack is trading at a lot closer to its 52 week high than it is to its 52 week low which is a clear indication that the short term sentiment and momentum of Shake Shack stock is positive at this point in time
The stock of Shake Shack is trading at a lot closer to its 52 week high than it is to its 52 week low which is a clear indication that the short term sentiment and momentum of Shake Shack stock is positive at this point in time
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