The company describes this as a “disciplined expansion strategy” in a filing to the Securities and Exchange Commission. “For us, we are just getting started,” said spokesman Edwin Bragg.
Yet the goal seems modest considering demand for higher-quality fast-food burgers is growing. Burger competitor Five Guys added an average of 145 stores each year from 2010 to 2013. Even McDonald’s grew by an average of 84 U.S. locations annually over the last three years. Also working in Shake Shack’s favor is the popularity of the so-called fast-casual segment. Chipotle, a leader in the category, added about 90 locations the year it IPO'd in 2006 and went on to add more than 100 in 2007.