Is 2018 Chipotle’s year to see a turnaround? The fast casual restaurant chain has implemented a plan with multiple investments, it seems, to make it so. In addition to its usual $10,000 per year per location, about $24 million total, for annual upkeep, Chipotle is investing about $20,000 for every restaurant for a refresh and upgrade, totalling a $50 million investment.
The announcement was made by Chief Financial Officer John Hartung, who held an earnings call earlier last week, according to a MarketWatch report.
Chipotle will reinvest more than one-third of its anticipated savings from tax law changes into its employees, according to a press release, with the remaining funds dedicated to improvement of restaurant facilities and operations.
"We have always been proud of our ability to attract and retain top talent who share our passion for cooking delicious food by hand and creating an extraordinary guest experience," said Steve Ells, Founder, Chairman, and CEO, in a statement. "We're giving back to these committed, motivated, and hardworking team members who have made Chipotle what it is today."
"We have always been committed to making Chipotle a great place to work with excellent compensation and benefits," said Ells. "With these expanded offerings, we're thanking our employees for their hard work and dedication to our company."
Chipotle has already allotted about $300 million in capital expenses for 2018, up from 2017’s $217 million. While a number of analysts seemed skeptical in MarketWatch’s report of this being the spark the fast casual chain would need to turn itself around, the name is still widespread and upping its involvement in its staff, image, and beyond.
Still forecasting full-year same-store sales growth in the low-single digits, if this is the catalyst to Chipotle’s bouncing back Deli Market News will let you know.