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SEC Filings

CHIPOTLE MEXICAN GRILL INC filed this Form S-1/A on 12/23/2005
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      quality ingredients and making higher-quality food that's previously been available only in some grocery stores and high-end restaurants accessible to just about everyone.

    A few things, thousands of ways.  We only serve a few things: burritos, burrito bols (a burrito without the tortilla), tacos and salads. But because customers can choose from many different ingredients, there's a lot of variety. Mathematically speaking, our menu can provide literally thousands of choices. We plan to keep a simple menu, but we'll always consider sensible additions. For example, we introduced the burrito bol in 2003—just when the popularity of low-carbohydrate diets exploded—and estimate that we sold about seven million of them in that year. While many of our competitors raced to create low-carbohydrate menus, we didn't change much. We just developed a new way to deliver the food we already served. In 2005, we rolled out a salad that we think appeals to people who want lighter fare or more variety. We think our customers like the simplicity of what we're doing and that the Chipotle experience has broad appeal.

We believe that our focus on "food with integrity" will resonate with customers as the public becomes increasingly aware of, and concerned about, what they eat.

    Our Employees Set Us Apart

        We believe that our front-line crew differentiates the Chipotle experience. We place a premium on finding employees who will thrive in an environment where they're expected to do more than follow a detailed manual and who embrace our vision of good food, served quickly. This is important because our food ordering process lets our customers select exactly what they want and how they want it by speaking directly to the employees preparing the food. Virtually all of what our crew does is in view of customers, giving them a chance to display their culinary skills as well as their individuality. These and other aspects of our culture set us apart from many of our competitors, as described below under "—Making and Selling "One Burrito At A Time": Store Management and Operations." Because the person who prepares the food—grilling chicken and steak, chopping fresh vegetables, tossing freshly steamed rice with cilantro and citrus juice—is often the same person who serves it, our employees have a strong sense of pride in their work. We think this and our crew's commitment to our vision contribute to better execution and service and are reflected in our crew turnover rate, which we believe is lower than the average in our industry.

    No Two Stores Are The Same

        The design of each Chipotle store reflects the same idea as our food: a limited number of basic materials—concrete, corrugated barn metal, plywood, steel and utilitarian light fixtures—used in creative ways. We design each store individually to suit the space. Our stores rely on a natural flow to make the food ordering process intuitive. Our approach allows us to build stores that are unmistakably Chipotle, while respecting the character of the neighborhoods where we operate, as described below under "—Looking for New Opportunities: Site Development and Expansion." The design of our serving line and our open kitchens also exemplify our vision, demonstrating our commitment to cooking higher-quality food. Through this approach, we think we've made interesting and intelligent design available to the general public.

    Customers Who Sell For Us

        We believe the best and most recognizable brands aren't built through advertising or promotional campaigns alone, but rather through deeply held beliefs evident in how a company runs its business. All of the ways that we project ourselves—beginning with each customer's experience in our stores, the look and feel of our stores, our advertising and promotional programs, and the design items that carry our name or logo—influence how people think about us. By adhering to this principle, we believe that Chipotle is becoming a highly recognized brand. Although our marketing program has many components, we believe the single greatest contributor to our success has been word-of-mouth, with our customers learning about


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