Chipotle Mexican Grill (CMG) is expanding to new markets in Asia for the first time via a joint venture with SPC Group, a Korean-based restaurant operator.
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Chipotle, which is known for its burritos and other Mexican cuisine, aims to open its first locations in South Korea and Singapore in 2026. The move represents a major expansion for Chipotle. Currently, 98% of the company’s 3,800 restaurants are located in its home market of the U.S.
However, Chipotle has taken steps to grow internationally in recent years, opening restaurants in neighboring Canada and a few locations in Europe. Chipotle also runs three restaurants in Kuwait and another three in the United Arab Emirates (UAE).
Foreign Expansion
Management at Chipotle has said that growing in foreign markets outside the U.S. is a top priority. In addition to Asia, the company earlier this year announced plans to open new locations in Mexico starting next year.
Chipotle Mexican Grill is looking abroad for growth opportunities as its business and stock struggle in the U.S. For this year’s second quarter, the company reported profits that were in line with Wall Street forecasts and revenue that was below expectations. Chipotle also lowered its forecast for same-store sales growth this year. CMG stock has fallen 36% in 2025.
Is CMG Stock a Buy?
The stock of Chipotle Mexican Grill has a consensus Strong Buy rating among 27 Wall Street analysts. That rating is based on 22 Buy and five Hold recommendations issued in the last three months. The average CMG price target of $58.57 implies 51.30% upside from current levels.
