Where Will Chipotle Be in 5 Years?
One of the major ways COVID-19 is impacting businesses is the momentum it's adding to their moves toward digital and omnichannel strategies. One example of this shift is Chipotle Mexican Grill (NYSE: CMG), which accelerated its digital investments after the pandemic hit, closing thousands of its in-store dining rooms. In response, the chain's digital sales grew 216% year over year in the second quarter to make up over 60% of the top line.
Revenue still decreased 5% as comparable-restaurant sales fell 10% during the quarter, but the popular chain is continuing to open new restaurants and focus on growth. Let's take a look at where the company is headed.
Chipotle was arguably the pioneer of the fast-casual restaurant trend that sought to offer a higher-end experience with a focus on better quality ingredients. This concept clearly resonates with consumers who have increased their demand for healthier dining options year after year, and Chipotle's sales have grown accordingly.
Source Fool.com
