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Research Summary. Founded as a hot dog stand in New York in 2001, Shake Shack has grown to become one of the restaurant industry’s most important “fast-casual” chains. As part of a movement that includes Five Guys, Tasty Burger, Panera, and more, Shake Shack has a reputation for fresh ingredients and a high-quality experience.
Shake Shake has over 360 locations worldwide.
83 countries have at least one Shake Shack.
Shake Shack made $739.9 million in revenue in 2021.
In 2021, Shake Shack experienced a loss of $8,655,000.
This loss is likely due to a combination of the Covid Pandemic as well as the relatively recent expansion of new locations.
Shake Shack has 9,695 employees.
Based on current figures, as well as their trajectory, Shake Shack is a medium-scale employer with plenty of room for growth.
Shake Shack’s market capitalization is at $2.4 billion.
In terms of the economy, this is not a large amount, but for a fast-casual restaurant, it does mean that Shake Shack is doing well.
There are 240 Shake Shacks in the United States.
The majority of Shake Shakes are found domestically, which is understandable given its roots and its relatively recent appearance in the industry.
There are 265 Shake Shacks in North America.
As Shake Shack grows, the company tends to stay close to home.
New York has the most Shake Shacks with 38.
Since New York is where Shake Shack was founded, it makes sense that most Shake Shacks would be found in the Empire State.
The top five states with Shake Shack are as follows:
| State | Number of Shake Shacks |
|---|---|
| New York | 38 |
| California | 26 |
| Texas | 19 |
| Florida | 15 |
| New Jersey | 12 |
In terms of sales, Shake Shack ranks 15th among fast-casual restaurants.
Shake Shack faces stiff competition in the industry. Chiptole, in particular, has been dominating, which can be seen in the following table.
| Restaurant | Sales (billions) |
|---|---|
| Chipotle Mexican Grill | $5.9 |
| Panera | $5.3 |
| Panda Express | $3.8 |
| Zaxby’s | $2.0 |
| Jimmy John’s | $1.9 |
| Wingstop | $1.8 |
| Raising Cane’s Chicken Fingers | $1.7 |
| Five Guys | $1.7 |
| Jersey Mike’s | $1.6 |
| Firehouse Subs | $0.8 |
| Qdoba | $0.8 |
| Freddy’s Frozen Custard and Steakburgers | $0.6 |
| McAlister’s Deli | $0.6 |
| Moe’s Southwest Grill | $0.5 |
| Shake Shack | $0.5 |
Shake Shack tripled the number of employees it hired between 2016 and 2021.
In 2016, Shake Shack had 3,521 employees. By 2021, Shake Shack had 9,695 employees.
| Year | Employees |
|---|---|
| 2014 | 1,680 |
| 2015 | 2,215 |
| 2016 | 3,521 |
| 2017 | 4,440 |
| 2018 | 6,101 |
| 2019 | 7,603 |
| 2020 | 7,429 |
| 2021 | 9,695 |
In 2018, Shake Shack promoted 1,151 of its employees to retain them.
That means 18.87% of their employees were promoted, which is a great signal of how invested Shake Shack is in its workers.
In 2021, Shake Shack hired over 2,000 new employees.
Clearly a sign of expansion, as well as recovery from the Covid Pandemic, Shake Shack has dramatically increased the number of employees it hired in just one year.
ShackBurger is Shake Shack’s top product sold.
This is followed by the Classic Cheeseburger and the Chick'n Bites.
It is estimated that 1,000 burgers are sold a day at Shake Shack.
Shake Shack’s menu has up to 34 items.
This includes eight types of burgers, as well as shakes and sides.
Since 2019, Shake Shack has added nearly 100 new locations around the world.
In 2019, Shake Shack had 275, and even with the Covid Pandemic, the company was able to expand in two years significantly.
| Year | Locations |
|---|---|
| 2014 | 63 |
| 2015 | 84 |
| 2016 | 114 |
| 2017 | 159 |
| 2018 | 208 |
| 2019 | 275 |
| 2020 | 311 |
| 2021 | 360 |
Revenue grew by over $200 million in 2022 for Shake Shack.
As the table below shows, other than 2020, Shake Shack has seen positive growth in its revenue for the last decade.
| Year | Revenue |
|---|---|
| 2012 | $57,038,000 |
| 2013 | $82,456,000 |
| 2014 | $118,530,000 |
| 2015 | $190,592,000 |
| 2016 | $268,475,000 |
| 2017 | $358,810,000 |
| 2018 | $459,310,000 |
| 2019 | $594,519,000 |
| 2020 | $522,867,000 |
| 2021 | $739,893,000 |
How many customers does Shake Shack have per day?
It is hard to estimate exactly how many customers Shake Shack has per day. However, with its 2021 revenue of $739 million divided by the total amount of 360 locations, it can be calculated that each Shake Shack brings in roughly $2.05 million a year.
With burger sales estimated to be around 1,000 per day, it is reasonable to expect the same amount of customers.
Is Shake Shack losing popularity?
It depends on how you define popularity, but generally, no, Shake Shack is not losing popularity. It has grown to over 300 locations in the last decade and saw great gains in revenue. Shake Shack did also experience a loss in total income last year.
However, this can be interpreted as a result of their expansion combined with the Covid Pandemic. Shake Shack has added many new locations and employees, and while revenue has grown, this expansion has incurred costs during a tough economic time. Due to the loss of net income, Shake Shack did see its share prices drop.
How many Shake Shack locations are there?
There are 360 Shake Shacks around the world. 240 Shake Shacks are found in the U.S., with the majority of them found in New York, California, and Texas.
New York has the most Shake Shacks with 38. Since being founded in 2001, Shake Shack has expanded from its original home of New York City to have a significant global reach that allows it to compete effectively in the fast-casual food industry.
What is Shake Shack's annual revenue?
In 2021, Shake Shack’s annual revenue was over $739 million dollars. This revenue was a decent increase from the $522 million revenue from 2020. In that year, Shake Shack added about 50 new locations and 2,000 new employees.
Whereas Shake Shack saw a drop in revenue in 2020 due to the Covid Pandemic, the company’s current revenue gains show that it is back on the rise.
How many employees does Shake Shack have?
Currently, Shake Shack has 9,695 employees. This is about a 2,000 person increase in one year. This amount of hiring shows that Shake Shack is serious about its future expansion. The company can be expected to grow and hire more people in the coming years.
Like its competitors, Shake Shack is focused on expanding its operations without compromising its values. So far, it has been very successful at achieving this. Still, Shake Shack has not been without its difficulties. Possibly due to a combination of the Covid Pandemic as well as the overhead that comes with expansion, Shake has seen some net losses.
However, the overall long-term trajectory is positive for Shake Shack. As it trends in the right direction, customers, investors, and even employees will want to consider what the data says about Shake Shack.
Undoubtedly, Shake Shack is an important player in the fast-casual food industry. Fast-casual food is an experience designed to provide the convenience of fast food alongside the quality of sit-down restaurants. It is a trend that has been growing for the last several years, and all accounts point to it still growing. Shake Shack is no exception.
Even with the Covid Pandemic, Shake Shack has opened nearly 100 new locations in the last two years as well as hired 2,000 employees. Revenue grew by over $200 million in 2021, and while the company experienced a net loss of income, it was likely due to the Covid Pandemic and the expansion of their organization.
It is quite admirable to see Shake Shack grow in these difficult economic times. Shake Shack plans to continue to grow, and it is likely they will see success in their efforts. Any interested party, be it a customer, an investor, or an employee, will want to keep an eye on Shake Shack.
United States Securities and Exchange Commission. “Shake Shack Inc. 2022 Form 10-K.” Accessed May 5, 2022.
MacroTrends. “Shake Shack Number of Employees 2013-2021.” Accessed May 5, 2022.
Rentech Digital. “Number of Shake Shack locations in the United States.” Accessed May 5, 2022.
Similar Web. “Shake Shack.” Accessed May 5, 2022.
Expanded Ramblings. “Shake Shack Statistics, Restaurant Counts, Facts,& News (2022).” Accessed May 5, 2022.
QSR Magazine. “Inside Shake Shack’s Employee Retention Strategy.” Accessed May 5, 2022.
Eater New York. “Shake Shack, Bill's, Burger Joint by the Numbers.” Accessed May 5, 2022.
Fast Food Nutrition. “Most Popular Items at Shake Shack.” Accessed May 5, 2022.
Statista. “Sales of the leading fast-casual restaurant chains in the United States in 2020.” Accessed May 5, 2022.