Shake Shack CEO Says Outlet Mall Success Eye-Opening
Shake Shack Inc (NYSE: SHAK) may have found some lucrative new strategic store locations.
Following the success of the company’s new location at the Woodbury Commons outlet mall in New York, the company may soon be on the hunt for more outlet mall opportunities.
“It took us a few years to try it, but if you think about an outlet, there are a lot of people there – we weren’t really too surprised by the response to the Woodbury Commons opening, but it did open our eyes,” Shake Shack CEO Randy Garutti said.
For 2016, the company intends to open 14 new restaurants in the U.S. and 8 more internationally, none of which are located at outlet malls. However, the success of the Woodbury Commons launch indicates that it wouldn’t be surprising to see Shake Shacks popping up in more outlet malls in 2017 and beyond.
Shake Shack’s stock is down 33.9 percent in the past six months.
Disclosure: the author holds no position in the stocks mentioned.
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