SSI bringing in Shake Shack
Specialty retailer SSI Group Inc. is bringing New York’s iconic restaurant chain Shake Shack to the Philippines, increasing its portfolio diversification from fashion houses to food and beverage (F&B) operations.
For “roadside” chain Shake Shack, the opening of the first site in Metro Manila by spring of 2019 will mark its debut in Southeast Asia.
In a disclosure to the Philippine Stock Exchange yesterday, SSI said it had signed a development and license agreement with New York Stock Exchange-listed Shake Shack Inc. to set up shop in the country.
This partnership seeks to ride on rising consumer affluence in this nation of over 100 million people. A growing middle class has translated to an increasingly discerning palate given the Filipinos’ wide exposure to international F&B brands.
“Shake Shack is proud to partner with the SSI Group, known for its retail expertise and culture of hospitality, to bring Shake Shack to the Philippines,” said Michael Kark, vice president for global licensing at Shake Shack.
Stock market investors welcomed SSI’s diversification to this F&B business. Shares of SSI surged by 9.39 percent on Wednesday after announcing the deal to bring this American food retailing brand to the country.
“It has been a mission of the SSI Group to provide complete lifestyle offerings through global partnerships that cater to the eclectic tastes of Filipino consumers. We are excited to bring Shake Shack, one of the world’s best burger joints, to Manila’s young and vibrant consumer scene,” said SSI president Anton Huang.
SSI said that in keeping with Shake Shack’s mission to “stand for something good,” the parties intend to work with local purveyors and producers to create a “one-of-a-kind” Shack for the Manila community.
Shake Shack was described as a critically acclaimed, modern-day “roadside” burger stand known for its 100-percent all-natural Angus beef burgers, chicken sandwiches and flat-top Vienna beef dogs, fresh-spun frozen custard, crinkle cut fries, craft beer and wine.
The Manila menu will feature Shake Shack’s signature items including the ShackBurger, Shack-cago Dog, classic crinkle-cut fries, beer, wine and frozen custard ice cream, SSI said.
Since the original Shack opened in 2004 in New York’s Madison Square Park, the company has expanded to more than 170 locations in 21 US states and the District of Columbia, and more than 60 international locations.
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