Chipotle Gave Up on Its Southeast Asian Chain. Will Its New Burger Chain Boost Its Struggling Business?
One day after reporting disappointing quarterly sales, Chipotle announced that it was a day away from opening the first location of its new burger concept, Tasty Made.
The new eatery will open in Lancaster, Ohio, on Thursday, Oct. 27, Chipotle said in a statement. It will serve just four items: burgers, fries, shakes, and sodas.
"We bring Chipotle’s commitment to better quality ingredients, a focused menu, fast service and customized orders to Tasty Made," Steve Ells, founder and co-CEO of Chipotle, said in a statement.
The location attempts to capture the speed of the fast-food industry, while following in the footsteps of other better-burger concepts like Shake Shack and Smashburger. Burgers will be grilled-to-order and never frozen, and made with beef raised without antibiotics or added hormones.
"Each order is sent to an advanced queuing system that uses heads-up visual cues so that the team can cook and serve the food very quickly," said Ells. "This is in stark contrast to typical fast food burger chains where frozen burger patties are usually cooked ahead of time and held until later, at which time they are assembled."
Here's what appears to be a photo of a meal at Tasty Made. The cup resembles the cups served at Chipotle restaurants.
While Chipotle has not yet revealed photos of the new location, people in Lancaster have tracked its building progress on social media:
Photos reveal a restaurant styled similar to an old-school fast-food joint, complete with a drive-thru.
"Early fast food burger restaurants generally had focused menus," Chipotle founder Steve Ells said in July. "We think there’s great strength in that original fast food model and wanted to create a restaurant built around that. Making only burgers, fries and shakes with really great ingredients, we think we can appeal to peoples’ timeless love of burgers, but in a way that is consistent with our long-term vision."
On Tuesday, Chipotle reported that it will not invest further in growing and developing its Asian restaurant chain ShopHouse. Instead, the company is doubling down on Tasty Made and its build-your-own-pizza concept Pizzeria Locale.
Chipotle is looking for new concepts to boost sales as the chain continues to deal with the consequences of an E. coli outbreak that affected restaurants in 14 states one year ago. In the third quarter, sales at stores open at least a year dropped 21.9%, the company said Tuesday.
Dunkin’ Donuts Says the Election Is Hurtin’ Its Sales
Throughout this earnings season, many companies will pin a number of shortcomings or forecasts about the presidential election.
Dunkin' Brands was among the companies to do so on Thursday. The retailer reported profits and US same-store sales that were higher than analysts had expected.
However, revenue missed expectations.
According to the company's management, uncertainty over the US presidential election is weighing on consumers and franchisees.
You Can Now “Endorse” a Presidential Candidate on Facebook
This post originally appeared on Business Insider.
You may already "like" a 2016 presidential candidate's page on Facebook, but the social network is now letting you go a step further by outright endorsing them to your friends.
“Similar to how politicians, newspapers, and organizations endorse candidates for elected office, this feature allows anyone on Facebook to do the same," Facebook’s product manager for civic engagement Samidh Chakrabart told Business Insider in a statement on Tuesday. "People who want to voice their support can visit a candidate’s Page, click on the endorsements tab, and explain their rationale for choosing that candidate.”
For Once, Christmas Shopping Is Not Starting Earlier This Year
Retailers have officially lost the so-called war on Thanksgiving.
An increasing number of retailers are closing on Thanksgiving Day this year in response to backlash against the trend of starting Black Friday sales a day early.
CBL & Associates, the operator of 89 regional malls and shopping centers, announced it would close 73 of its locations on Thanksgiving Day and not open until 6 a.m. on Black Friday, CNBC reported. Last year, the mall operator opened at 6 p.m. on Thanksgiving.
Ronald McDonald Cuts Back on Public Appearances Amid Wave of Creepy Clown Fears
McDonald's is hiding its famous mascot, Ronald McDonald, in the midst of a wave of scary clown sightings across the US.
The company said Tuesday that it's "mindful" of the clown sightings and it's paring back Ronald McDonald's public appearances as a result.
Why a Lawsuit Says Naked Juice’s Labels Are Misleading—and How the Company Is Pushing Back
PepsiCo is hitting back on a lawsuit filed against the company's Naked Juice brand, saying claims by the consumer-advocacy group Public Interest are "baseless."
"I feel confident that consumers have the clear information on our labels and the way that we've designed them to understand and make the choices that they need to make," Naked Juice's general manager Andrea Theodore told Business Insider. "I do not feel at this time that this lawsuit is causing us to rethink we need to do something different here."
Consumers Are Ditching Their Cable Packages. These Channels Are the Biggest Losers.
Cable TV companies could lose nearly $1 billion to people cutting the cord over the next year, but some channels will be hit harder than others.
Earlier this year, analysts at Barclays argued that channels you watch when you're feeling lazy, "inertia channels," will have a tough time competing moving forward. Others, like BTIG's Rich Greenfield, have questioned the value of ESPN.
The Colorado Weed Industry Has to Stop Calling Products “Candy”
Colorado is rolling out new regulations for retail marijuana packaging sold within the state.
Starting on October 1, all marijuana edibles sold at dispensaries will be marked with a new "universal symbol" warning buyers that the edibles contain THC, the active ingredient in marijuana, reports The Cannabist.
Edible manufacturers will also be banned from using the word "candy" on their packaging. Kid-friendly shapes, like gummy bears and worms, will also be banned.
The new rules were created as a reaction to the increase in the number of children admitted to Colorado hospitals for consuming marijuana edibles.
Only eight children were admitted to the Children’s Hospital Colorado emergency department for marijuana consumption between 2005 and 2013, prior to recreational sales beginning in the state, Michael DiStefano, the hospital's medical director, told the Denver Post.
The new regulations also set up equivalency standards for the amount of THC between raw marijuana in "flower" form and retail marijuana products, of which which dispensaries are limited by a Colorado House bill to sell customers up to an ounce.
Though the new rules were drafted after a year of discussion between industry stakeholders and state officials, some edible manufacturers have said that adapting will be costly.
Dan Anglin, the owner Americanna, an edible manufacturer in Colorado, told Forbes that his company spent $100,000 and seven months preparing new candy molds and new packaging. Anglin, however, also said that he's a "firm believer in regulations and safe products."
Jim Burack, the director of the Colorado Department of Revenue's Marijuana Enforcement Division assures the regulations aren't about making selling edibles harder for retailers.
"The No. 1 goal here: It’s about public safety, it’s about public health, and, above all, it’s sensitive to the risk this poses to children," he told The Cannabist.
BlackBerry Is Giving Up on Making Its Own Smartphones
It's the end of an era. BlackBerry is going to stop making its own smartphones.
Instead, the Canadian company will rely entirely on external companies for any future hardware projects, it announced in its quarterly earnings released Wednesday.
Stanford Business School Will Give a Free Ride to Three Students Who Agree to Work in the Midwest
A new fellowship at the Stanford Graduate School of Business, one of the top ranked business schools, covers tuition and fees for MBA students. But the program comes with a catch: Students must be willing to take a job in the Midwest.
Students often select Stanford because they know they'll get a great education and make contacts in Silicon Valley, where many of them presumably want to work after graduation. But the school has plans to funnel students to more "underserved regions," where the economy could benefit from an infusion of talent.