Shake Shack Is Cooking Up China Expansion
NEW YORK--(BUSINESS WIRE)--Jun 22, 2021--
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.”
About Shake Shack
Shake Shack is a modern day “roadside” burger stand serving a classic American menu of premium burgers, chicken sandwiches, hot dogs, crinkle cut fries, shakes, frozen custard, beer and wine. With its fresh, simple, high-quality food at a great value, Shake Shack is a fun and lively community gathering place with widespread appeal. Shake Shack’s mission is to Stand for Something Good®, from its premium ingredients and caring hiring practices to its inspiring designs and deep community investment. Since the original Shack opened in 2004 in NYC’s Madison Square Park, the Company has expanded to approximately 330 locations in 32 U.S. States and the District of Columbia, including more than 100 international locations including London, Hong Kong, Shanghai, Singapore, Philippines, Mexico, Istanbul, Dubai, Tokyo, Seoul and more.
About Maxim’s Caterers Limited
Founded in 1956, Maxim’s Caterers Limited (a company incorporated in Hong Kong) is one of Asia’s leading food and beverage companies comprised of Chinese, Asian and Western restaurants, quick service restaurants, bakery shops, coffee shops, Japanese chain restaurants and institutional catering, while providing a range of festive products, including the award-winning HONG KONG MX Mooncakes. It is also the licensee of renowned brands including Starbucks Coffee, Genki Sushi and IPPUDO Ramen, The Cheesecake Factory and Shake Shack in various territories. Altogether, it has over 1,700 outlets in Hong Kong and Macau regions, Mainland China, Vietnam, Cambodia, Thailand, Singapore and Malaysia.
View source version on businesswire.com:https://www.businesswire.com/news/home/20210622005981/en/
(844) SHACK04 (844-742-2504)
KEYWORD: NEW YORK CHINA UNITED STATES NORTH AMERICA ASIA PACIFIC
INDUSTRY KEYWORD: RETAIL RESTAURANT/BAR FOOD/BEVERAGE
SOURCE: Shake Shack
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PUB: 06/22/2021 05:00 PM/DISC: 06/22/2021 05:02 PM