Shake Shack has plans to shake things up.
The burger chain plans to open 60 restaurants across the country this year, which Crain’s says is more than twice as many as last year.
“We believe there is a demand for food and experience,” CEO Randy Garutti told an investment conference. “Unhappiness is a terrible thing to get lost.”
The burger chain has $ 175 million in the bank, which allows it to grow even in an environment that CFO Shake Shack described as “extremely challenging.”
But it’s not completely out of the woods: Total revenue for the fiscal year has fallen by about 12 percent, according to the company’s latest revenue report.
In a recent survey by the New York State Restaurant Association and the National Restaurant Association, 37 percent of nationwide restaurants said the odds will not survive the next six months without federal relief. In New York, the figure was even higher, at 54 percent.
But chains don’t have to be easier. One of the seven retail chains – more than 1,000 across the city – were closed in 2020. Among the most affected businesses were fast-growing chains such as Subwa, Hale & Hearty and Pret and Manger.
[Crain’s] – Sasha Jones