Shake Shack
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| Public company | |
| Traded as | : SHAK S&P 600 Component |
| Industry | Restaurants |
| Genre | Fast casual |
| Founded | July 2004 New York City, New York, U.S. |
| Founder | Danny Meyer |
| Headquarters | New York City, New York, United States |
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Number of locations
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119 (75 domestic & 44 international) |
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Area served
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North America, Europe, Middle East, Oceania, Asia |
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Key people
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| Products | |
| Website | shakeshack |
Shake Shack (: SHAK) is an American fast casual restaurant chain based in New York City. It started out as a food cart inside Madison Square Park in 2004, and its popularity steadily grew. It eventually moved to a stand within the park, expanding its menu from New York-style hotdogs to one with hamburgers, hotdogs, fries and its namesake milkshakes. The company prides itself and emphasizes its use of all-natural 100% angus beef only and that its meat has no hormones nor antibiotics.
Since its founding it has been one of the fastest-growing food chains eventually becoming a public company filing for an initial public offering of stock in late 2014. Initial price of its shares was at $21 immediately rising by 123% to $47 on their first day of trading.
In 2000, New York City began the rebuilding of Madison Square Park, which had fallen into a state of disrepair and misuse. As part of the redevelopment, restaurateur Danny Meyer helped spearhead the creation of the Madison Square Park Conservancy to help redevelop it. One of the first things the Conservancy did in its goal to turn the park around was to host an art exhibit, called "I <3 Taxi," inside of the park to raise awareness of the renewal effort. Meyer's Director of operations, Randy Garutti, established a hot dog cart which was run out of the kitchen of Eleven Madison, one of Meyer's Union Square Hospitality Group (USHG) operations. Over time the cart became extremely successful, and remained in operation for nearly three years.
In 2004, the city began taking bids to operate a new kiosk-style restaurant within the park; Meyer outlined his idea for the space, and opened the first Shake Shack in July 2004. From its beginning the restaurant was not designed to be a chain, intended to be a single shop location designed specifically for New York City. However, as the original location's sales continued to grow, the group realized that there was a market for expansion.
Since its opening, Shake Shack has grown to be the largest part of the USHG's portfolio. Its average store revenue of US$4 million is more than twice that of McDonald's average store revenue within the United States. Its popularity is such that in the summer at its original location, the wait in line for service can stretch to over an hour, especially on weekends when the weather is pleasant. A webcam on the restaurant's web page shows the current line in real time.
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Wikipedia