Chipotle Opens First Asia Location in Seoul

Chipotle Mexican Grill opened its first store in Asia in Seoul, South Korea, on Wednesday, marking its formal entry into the Asian market. According to Sina Finance, the company said in a press release that it formed a joint venture, S&C Restaurants Holdings Pte., with an affiliate of South Korean food and beverage company Sangmidang Holdings (SMDH) to operate its stores in South Korea. The release said Chipotle chose South Korea as its first Asian market because of the country's growing interest in global food trends and its mature culture of personalized consumption. Chipotle plans to open two more stores in South Korea this year and enter the Singapore market in the first half of next year.