Chipotle CEO on Future of Fast-Casual Dining

The transcript discusses Chipotle's unexpected traffic growth and sales increase, driven by new menu items and improved staffing. The company plans to open numerous new locations, focusing on both existing and new markets. Staffing and training are emphasized to support expansion. Labor costs have normalized, and the company is prepared for potential economic downturns. Ingredient costs have moderated, except for beef. Chipotle faces challenges operating in California due to regulatory hurdles.

What was one of the key factors that contributed to Chipotle's unexpected traffic growth?

• Increase in advertising budget

• Decrease in food quality

• Introduction of new menu items

• Reduction in store hours

How many new locations does Chipotle plan to open this year?

• 300 to 350

• 400 to 450

• 250 to 285

• 100 to 150

In which type of markets has Chipotle seen tremendous growth recently?

• Urban areas

• Suburban areas

• Small towns

• International markets

What strategy has Chipotle implemented to improve employee retention?

• Increasing employee discounts

• Offering higher wages

• Providing shoulder-to-shoulder training

• Reducing working hours

How has the labor market affected Chipotle's staffing?

• Wages have decreased significantly

• There is a surplus of available workers

• The labor market has normalized

• It has become more difficult to hire

What is Chipotle's approach to handling potential economic downturns?

• Expanding into new international markets

• Focusing on core business execution

• Reducing menu prices

• Cutting down on staff

What challenge does Chipotle face in the California business climate?

• Difficulty in operating and opening new locations

• High competition from local restaurants

• Lack of consumer interest

• Limited access to quality ingredients