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Chipotle Looks to a Restaurant Refresh with a $50 Million Investment

Chipotle Looks to a Restaurant Refresh with a $50 Million Investment


DENVER, CO
Friday, February 9th, 2018

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.

Chipotle Restaurant, New York

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.

Steve Ells, Founder, Chairman, & CEO, Chipotle"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."

These include:

  • Accelerated Training Programs: More training programs for employees, including a formalized classroom program with a dedicated faculty that will focus on a range of topics related to operational excellence and leadership.
  • Cash & Stock Bonuses: Qualified hourly and salaried restaurant employees will receive a special one-time cash bonus of up to $1,000. Qualified staff employees will receive a one-time stock grant.
  • Maternity/Paternity Coverage: Additional paid parental leave coverage for everyone from hourly managers to salaried employees.
  • Life Insurance and Short-Term Disability: The company has added life insurance and short-term disability insurance coverage for hourly restaurant managers.

"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 Production Line

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.

Chipotle
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Chipotle Mexican Grill, Inc. is an American chain of fast food restaurants in the United States, United Kingdom, Canada, Germany, and France, specializing in tacos and burritos.

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