Chipotle to expand to Asia through joint venture with SPC Group

Chipotle Mexican Grill on Wednesday announced plans to expand to Asia for the first time through a joint venture with SPC Group, a Korean-based restaurant operator.

The burrito chain aims to open its first Chipotle locations in South Korea and Singapore in 2026.

Out of Chipotle’s more than 3,800 restaurants worldwide, 98% are in the United States, according to company filings. However, Chipotle has been trying to grow internationally in recent years. Most of its international restaurants are in Canada and Europe, although it’s been trying to expand to new markets, too.

In July 2023, Chipotle inked a deal with Alshaya Group to open locations in the Middle East; the operator currently runs three Chipotle restaurants in Kuwait and another three in the United Arab Emirates.

Earlier this year, the company also signed a development agreement with Latin American operator Alsea to open its first locations in Mexico. Chipotle’s first Mexican restaurant is expected to open next year.

Shares of Chipotle fell more than 1% on Wednesday. The stock has fallen 35% this year as investors fret over the chain’s two straight quarters of same-store sales declines and the health of the U.S. consumer.