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Investing.com -- Chipotle Mexican Grill is marking its entry into Mexico through a development agreement with Alsea (BMV:ALSEA), a major restaurant operator in Latin America and Europe. The company said on Monday that it will open its first restaurant in the country by early 2026.
The move expands Chipotle’s international footprint and builds on its asset-light strategy, following a 2023 development deal for the Middle East.
The company currently operates five locations across Kuwait and the UAE, and owns 86 restaurants in Canada, Europe, and the UK.
Stephens said Chipotle (NYSE:CMG) is likely to pursue further global expansion through a combination of company-owned stores and franchise-style partnerships. The firm estimates Chipotle opened 59 net new units globally in the first quarter, in line with expectations.
Alsea, which operates over 4,700 restaurants in 11 countries, will use its local expertise to support Chipotle’s rollout.
"Through this development agreement, we will continue to leverage our vast knowledge of the Mexican consumer and restaurant industry expertise to bring our customers the best food experiences and brands from around the world," said Nate Lawton, Chipotle’s Chief Business Development Officer.
Two years back, Chipotle signed its first overseas development agreement with Kuwait-based Alshaya Group to enter the Middle East market.
Both currently operate three restaurants in Kuwait and two in the United Arab Emirates.