Chipotle recently opened first store in Mexico in Monterrey and NYT has interesting detail on expansion plans:
▫️didn’t localize menu (used same ingredients, spices, salsa and hot sauces as US)
▫️chose Monterrey because highest purchasing power per capita in Mexico, has a big shopping mall culture and close business ties with Texas (3hrs from border and considered Mexico’s most American-ized city)
▫️prices are 20-30% lower than in US, though
▫️ Chiptole wants to offer fast casual option between street taqueria (average person in Mexico lives 5 minutes from one) and high-end Mexico dining
Chipotle stock down ~50% to $47B since the end of 2024 and needs expansion story.
Taco Bell tried twice to enter Mexico but failed (I guess that is Taco Bell…not exactly apples to apples).
Chipotle hoping better luck at selling Mexicans their own cuisine.
200 people lined up for Monterrey opening…and Chipotle looking to add 6-8 stores over next year in the city (drop in bucket compared to 4,000 global locations)….then try to expand to Mexico City.
That city gonna be a challenge. One local dude NYT interviewed said “I don’t go to a restaurant to eat tacos. The tacos we eat in Mexico City are the ones people sell on the street, on the corner.”
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Full read here:
nytimes.com/2026/07/31/world…