13 Comments

I think another challenging aspect of Chipotle’s international expansion is the supply chain, and whether the quality of ingredients demanded by Chipotle can be maintained efficiently. It’s already difficult in N America, my guess is that it would be a tad more difficult at a large scale in other geographies.

Expand full comment
Nov 9, 2023Liked by Conor Mac

CMG should have considered expansion into China looooong time ago. if a tea drinking population can accept coffee, then the same rice-mixed with vegis and meat-eating population can certainly accept, wait for it, well a bowl of rice mixed with vegis and meat!

Expand full comment

Loved your analysis of management's language over many years, Conor.

Hope you were making a reference to Laura Rittenhouse's Investing Between the Lines...

Expand full comment
Nov 8, 2023Liked by Conor Mac

IMO this is a misread of the situation re: international expansion. After serious efforts to grow in that direction, they realize that the international stores aren't going to have the ROI, so pulled back on the growth plans there. European (and ROW) haven't ever really seen much demand for Mexican food, nor can they seem to get the tastes right. My guess is they're pulling out this talking point again, because they see slowing growth domestically and want to offer a long term story.

Expand full comment

Long 'burrito' ;), thank you!

Expand full comment