Shake Shack has plans to shake things up.
The burger chain plans to open 60 restaurants across the country this year, more than twice as many as it opened last year, according to Crain’s.
“We believe there is pent-up demand for food and experiences,” CEO Randy Garutti said at an investor conference. “Adversity is a terrible thing to waste.”
The burger chain has $175 million in the bank, allowing it to grow even through an environment that Shake Shack’s financial chief described as “extremely challenging.”
But it’s not totally out of the woods: Total revenue for the fiscal year declined by about 12 percent, according to the company’s most recent earnings report.
In a recent survey by the New York State Restaurant Association and the National Restaurant Association, 37 percent of restaurants nationwide said they would likely not survive the next six months without federal relief. In New York, that number was even higher, at 54 percent.
But chains don’t necessarily have it easier. One in seven chain stores — more than 1,000 across the city — shuttered in 2020. Some of the hardest-hit businesses were fast-casual chains, such as Subwa, Hale & Hearty and Pret a Manger.
[Crain’s] — Sasha Jones