Chipotle is scouting real estate in a vision of continued growth following the pandemic. In early February the company shifted its real estate strategy to be geared more on drive thru "Chipotlanes" which has been a big success during this economic shutdown.
"We're not shying away from sites and our ability to get the sites we believe are best for our digital offerings and our Chipotlanes," said CEO Brian Niccol
Despite postponing openings, the company says their pipeline for future development remains solid. A new area of interest is land acquisition and development of out parcels. In these new locations the brand will continue including its drive thru lanes as a key feature of their real estate.
"We're already beginning to see an increase in sites available as other businesses have pulled back" said CFO Jack Hartung
During Q1 Chipotle opened 19 locations and closed 2, they currently operate over 2600 across the US.
On more COVID-19 related news, Chipotle does not plan on using the PPP loan, but they are planning on taking advantage of employment tax deferrals that are being offered.
Comments