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Mexico expansion reduces geographic concentration risk, expands growth runway, and leverages a partner with regional scale, potentially boosting CMG's long-term unit economics and-store counts; potential upside may be realized as 2026 openings materialize and Mexico City follows in 2027.
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Chipotle launched its first Mexico restaurant in San Pedro Garza García, Nuevo León, in partnership with Alsea, under a 2025 development agreement. The effort marks a meaningful step in its international expansion, with more Nuevo León locations planned this year and Mexico City slated for 2027. CMG also targets 350-370 new restaurants globally in 2026, broadening its growth pipeline.
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