Shake Shack Sets Sights on Central America as Global Expansion Heats Up
NEW YORK--(BUSINESS WIRE)--It's full steam ahead through Panama for Shake Shack! Shake Shack Inc. ('Shake Shack' or the 'Company') (NYSE: SHAK) has partnered with Grupo Attie-Multifood Enterprises to bring the iconic brand to Panama. As part of the deal, the partnership plans to open 12 Shacks across the Panamanian market by 2035, with its first Shack scheduled to open in 2026 - marking an exciting new chapter in the Company's international journey.
Shake Shack is proud to partner with Grupo Attie-Multifood Enterprises, a powerhouse Panamanian conglomerate with operations across Panama, Colombia, Chile, and Mexico. They currently operate over 200 in-stores and 200 stores in Latin America, and specialize in real estate, food and beverage, retail, finance, and online entertainment and gaming.
'We couldn't be more thrilled to expand into Panama, our first stop in Central America,' says Michael Kark, President of Global Licensing at Shake Shack. 'Bringing Shake Shack to Central America marks a major milestone as we continue to grow globally, and Panama has always felt like a natural place to begin given its blend of warmth, rich history, and a vibrant culinary scene. Grupo Attie-Multifood Enterprises shares our values of quality, hospitality, and delivering an outstanding guest experience, and their deep expertise in Panama makes them an ideal partner as we plan to open 12 Shacks in the country by 2035.'
'Partnering with Shake Shack is more than just an expansion—it's a commitment to excellence, community, and growth. We are proud to introduce an internationally recognized brand that shares our dedication to hospitality and quality. Beyond enriching the country's dynamic culinary scene, this collaboration will generate approximately 400 new jobs, fueling economic opportunities and empowering local talent. We look forward to welcoming guests to the shacks we create together, as each one will embody the warmth and authenticity that define Panama,' says Hector Ospina, Chief Executive Officer at Multifood Enterprises.
Shake Shack, whose purpose is to Stand For Something Good ®, will collaborate with local purveyors and producers to create a one-of-a-kind Shack experience in Panama. The menu will showcase Shake Shack's signature offerings – including the ShackBurger ®, classic crinkle cut fries, beer, wine and frozen custard – while celebrating local flavors and ingredients.
About Shake Shack
Shake Shack serves elevated versions of American classics using only the best ingredients. It's known for its delicious made-to-order Angus beef burgers, crispy chicken, hand-spun milkshakes, house-made lemonades, beer, wine, and more. With its high-quality food at a great value, warm hospitality, and a commitment to crafting uplifting experiences, Shake Shack quickly became a cult-brand with widespread appeal. Shake Shack's purpose is to Stand For Something Good ®, from its premium ingredients and employee development, to its inspiring designs and deep community investment. Since the original Shack opened in 2004 in NYC's Madison Square Park, the Company has expanded to over 590 locations system-wide, including over 380 in 34 U.S. States and the District of Columbia, and over 210 international locations across London, Hong Kong, Shanghai, Singapore, Mexico City, Istanbul, Dubai, Tokyo, Seoul and more.
Skip the line with the Shack App, a mobile ordering app that lets you save time by ordering ahead! Guests can select their location, pick their food, choose a pickup time and their meal will be cooked-to-order and timed to arrival. Available on iOS and Android.
About Attie Group & Multifood Enterprises, S.A.
The Attie Group is a diversified business conglomerate based in Panama City, Panama, with operations spanning multiple industries, including real estate, banking, import/export, solar power projects, and textile production. Founded in 1964, the group has established itself as a key player in strategic investments and commercial real estate ventures.
Multifood Enterprises, S.A., a subsidiary of the Attie Group, specializes in restaurant operations and food services. The company manages well-known international dining brands in Panama, including Olive Garden, The Capital Grille and Maison Kayser and plays a significant role in the country's hospitality sector. With a focus on quality dining experiences and operational excellence, Multifood Enterprises is a driving force behind the expansion of global restaurant brands in the region.
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Statements that are not historical in nature, including the words 'will,' 'believe,' 'pending,' 'look forward,' 'accelerate,' 'anticipate,' 'intention,' 'expect,' 'suggests,' 'plan,' 'believe,' 'intend,' 'estimate,' 'target,' 'project,' 'should,' 'could,' 'would,' 'may,' 'forecast,' 'offers,' 'advancing,' 'ambition,' 'deepen,' 'potential,' 'enable,' 'encourage,' 'expand,' 'opportunity,' 'well positioned,' and other similar expressions are intended to identify forward-looking statements. 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Forward-looking statements are predictions, projections, and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to uncertainties as to the timing to consummate the potential acquisition of Oxford Ionics; the risk that a condition to closing the acquisition may not be satisfied; the risk that regulatory approvals are not obtained or are obtained subject to conditions that are not anticipated by the parties; IonQ's ability to achieve the benefits from the proposed transaction and effectively integrate Oxford Ionics in its operations. IonQ's ability to implement its technical roadmap; changes in the competitive industries in which IonQ operates, including development of competing technologies; IonQ's ability to sell effectively to government entities and large enterprises; changes in laws and regulations affecting IonQ's and its suppliers' businesses; IonQ's ability to implement its business plans, forecasts and other expectations, to identify and realize partnerships and opportunities, and to engage new and existing customers; IonQ's ability to effectively integrate its acquisitions, IonQ's ability to effectively enter new markets; IonQ's ability to deliver services and products within currently anticipated timelines; IonQ's inability to attract and retain key personnel, including personnel of acquired companies; the conditions for closing IonQ's anticipated acquisitions not being met; IonQ's customers deciding or declining to extend contracts into new phases; the inability of IonQ's suppliers to deliver components that meet expectations timely; changes in U.S. government spending or policy that may affect IonQ's customers; changes to U.S. government goals and metrics of success with regard to implementation of quantum computing and quantum networking; and risks associated with U.S. government sales, including availability of funding and provisions that allow the government to unilaterally terminate or modify contracts for convenience. You should carefully consider the foregoing factors and the other risks and uncertainties disclosed in the Company's filings, including but not limited to those described in the 'Risk Factors' section of IonQ's most recent periodic financial report (Forms 10-Q or 10-K) and other documents filed by IonQ from time to time with the Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and IonQ assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. IonQ does not give any assurance that it will achieve its expectations.
