Chipotle Mexican Grill Inc. is developing an Asian restaurant concept modeled after the successful fast-casual burrito chain.
Chipotle founder and co-Chief Executive Steve Ells and a small team from the company are developing the concept, whose name wasn’t disclosed. They plan to open one location next year.
Ells said the concept will use some of the same features used by Chipotle’s restaurants, like using sustainably raised ingredients and preparing meals in front of the customers.
“This Asian restaurant is just an opportunity to see how our model works when we use different ingredients and a different style of food,” Ells said. “This restaurant will allow us to take a look at that.”
Chipotle shares fell 0.9% in late trading to $217.34. The company’s stock has soared in the past year, gaining 165%, as it has seen huge spikes in traffic and sales.
It’s called Panda Express.
No, bft, it isn’t.
What it is is wrapping burritos in lettuce leaves and saying that it is Chinese or Korean. Ask Ming.
Panda Express hardly prepares the food in front of you, unless you feel that dishing it out from a chafing dish is cooking in front of your eyes! Also, opening 1 restaurant in 2011 is pretty conservative for a company whose stock value has soared in the most recent past.