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Chipotle Keeps Up Growth Plans

DENVER-The Mexican-food chain is looking at existing space now instead of opening stores in new developments.

By Debra Hazel | Updated on July 23, 2009

DENVER-Real estate owners with vacant space take note: Chipotle Mexican Grill’s expansion plans likely will include a greater percentage of existing space than previously, executives said at the company’s second quarter conference call.

With less new space being developed, Chipotle’s plans to maintain 2009 expansion plans of 120 to 130 new units in 2010 will necessitate looking at existing space, said Jack Hartung, CFO.

“A couple of years ago, 60% of our openings were in new development spaces. Now, that likely will fall below 50%,” Hartung said. “We’re beholden to the developer. Space is being delivered to us later.”

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