Chipotle is the most successful company in the food industry right now.
The burrito chain’s same store sales soared by nearly 20% last quarter. Executives announced plans to keep expanding around the globe.
Chipotle is also taking market share from traditional fast food companies like McDonald’s, which just reported that sales declined 3.3% in the US.
Founder and Co-CEO Steve Ells says consumers turning away from fast food companies enabled Chipotle’s success.
“Over the last decade there has been a noticeable shift among consumers away from traditional fast food and casual dining chains, to fast casual restaurants as customers are looking for better quality food, served in a convenient format,” Ells said.
Chipotle is known as a fast-casual restaurant, meaning that it doesn’t offer full table service, but promises higher-quality food than fast food chains.