Shake Shack Partners With Grupo Attie-Multifood to Debut in Panama

Shake Shack Inc. SHAK has entered into a strategic partnership with Grupo Attie-Multifood Enterprises, which is a Panamanian conglomerate having operations across Panama, Colombia, Chile and Mexico.

SHAK stock inched up 0.8% during yesterday’s trading hours but inched down 0.3% in the after-hours, after the announcement of the new partnership and international market debut.

SHAK’s Panamanian Debut

Through this partnership, Shake Shack intends to mark its debut in Panama, reaching a milestone in its international expansion strategy. The very first Shack is expected to open doors in 2026, kickstarting the aim of opening 12 Shacks across the Panamanian market by 2035. Moreover, to create an exclusive experience in Panama, SHAK will be joining hands with the local purveyors and producers.

The menu offerings will include the signatures, including the ShackBurger, classic crinkle cut fries, beer, wine and frozen custard, accompanied by other offerings that amalgamate the local flavors and ingredients with Shake Shack’s classic touch.

This collaboration stands on the mutual values of quality, hospitality and top-tier guest experience delivery. It is expected to generate approximately 400 new jobs, fueling economic opportunities and empowering local Panamanian talent.

Shake Shack’s Focus on Expansion Bodes Well

Shake Shack is committed to strategizing its expansion plans effectively. Through its focus on opening new Shacks globally and enhancing the offerings per the ever-changing trends, the company is able to navigate through market uncertainties and ensure profitability.

In the first quarter of fiscal 2025, SHAK opened four new company-operated Shacks, including two drive-thrus. Also, abiding by one of its strategic priorities of growing its license business, during the same time frame, it opened seven new licensed Shacks. For fiscal 2025, it expects to open approximately 45-50 company-operated Shacks, with about 35-40 licensed Shack openings.

Notably, in fiscal 2024, Shake Shack expanded its global footprint by entering three new markets, Canada, Israel and Malaysia, while growing its licensed presence to 250 locations across 20 countries. Throughout fiscal 2024, the company welcomed 33 new licensed Shacks.

Shares of this New York-based fast food hamburger restaurant chain have gained 5.1% in the past three months against the Zacks Retail - Restaurants industry’s 7.1% decline. Its continuous focus on global expansion, menu innovations and other strategic business-enhancement initiatives is expected to support its prospects amid macro uncertainties.

SHAK’s Zacks Rank & Key Picks

Shake Shack currently carries a Zacks Rank #3 (Hold).

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This article originally published on Zacks Investment Research (zacks.com).

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