In an industry plagued by bankruptcies and declining sales, one fast casual chain is breaking the mold.
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Just this month, Shake Shack (NYSE:SHAK) reported its total revenue increased nearly 42% to $76.6 million.
Randy Garutti, CEO of the burger giant, said during an interview on FOX Business that the New York-based chain is poised to have its largest growth yet with plans to open about 24 Shake Shacks in the U.S. and about a dozen overseas this year. There are currently 130 locations around the world.
“The bigger we get, the smaller we need to act. And that means in every decision, whether it’s design or food. When we’re in Tokyo, Seoul, London and Moscow, all the places that Shake Shack lives today we find the coolest, smallest, artisanal baker who is doing something really interesting, the best chefs, we team up with them. It is kind of the anti-chain, chain,” Garutti said.
Shake Shack is not only expanding internationally, but also released a cookbook last week that Garutti says contains the same recipes that are used in Shacks worldwide.
“Our goal is to enlighten hospitality. Take care of our team first and then and only then can we take care of our guests, our communities and ultimately our shareholders,” he said.
Garutti says Shake Shack aims to give customers an experience that keeps them coming back.
“You look at how the retailers today are not experiential, the ones that are growing are giving you the best total experience. And we’re doing that at Shake Shack for the humble hamburger. So much of the new dollars are going online, going to Amazon, so we’ve got to be a place where people want to come hang out for that Little League game or that date,” he said.