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Shake Shack is an American fast casual restaurant chain based in New York City. It started out as a hot dog cart inside Madison Square Park in 2001, and its popularity steadily grew. In 2004, it received a permit to open a permanent kiosk within the park, expanding its menu from New York–style hot dogs to one with hamburgers, hot dogs, fries and its namesake milkshakes. Since its founding, it has been one of the fastest-growing food chains, eventually becoming a public company filing for an initial public offering of stock in late 2014. The offering priced on January 29, 2015; the initial price of its shares was at $21, immediately rising by 123% to $47 on their first day of trading. Shake Shack Inc. owns and operates over 400 locations globally. History Concept and early history In 2000, New York City began the rebuilding of Madison Square Park, which had fallen into a state of disrepair and misuse. As part of the redevelopment, restaurateur Danny Meyer helped spearhead the creation of the Madison Square Park Conservancy to help redevelop it. One of the first things the Conservancy did in its goal to improve the park was to host an art exhibit called "I <3 Taxi" inside of the park to raise awareness of the renewal effort. Meyer's Director of Operations, Randy Garutti, established a hot dog cart which was run out of the kitchen of Eleven Madison Park, one of Meyer's Union Square Hospitality Group (USHG) operations. Over time, the cart became extremely successful, and remained in operation for nearly three years. In 2004, the city began taking bids to operate a new kiosk-style restaurant within the park; Meyer outlined his idea for the space, and opened the first Shake Shack in July 2004. From its beginning the restaurant was not designed to be a chain; it was intended to be a single shop location designed specifically for New York City. However, as the original location's sales continued to grow, the group realized that there was a market for expansion. Since its opening, Shake Shack has grown to be the largest part of the USHG's portfolio. Its average store revenue of US$4 million is more than twice that of McDonald's average store revenue within the United States. Its popularity is such that in the summer at its original location, the wait in line for service can stretch to over an hour, especially on weekends when the weather is pleasant. A webcam on the restaurant's web page shows the current line in real time. Expansion In June 2010, Shake Shack opened its first restaurant outside of New York City at the Lincoln Road Mall in Miami Beach's South Beach neighborhood. In April 2017 the location completed a month-long renovation that added 586 square feet of space, bringing its seating capacity to 106. On July 12, 2010, Shake Shack restaurants were opened in the Theater District and the Upper East Side. The Upper East Side location's opening was significant because it "lifted" East 86th Street, an urban shopping district which had fallen on hard times; the location had been vacant, and even when occupied, it was described by a neighbor as "never anything good there...dingy and dilapidated...almost an eyesore." In July 2011, it was announced that Shake Shack had reached a deal with the MTA to open a location in the lower level of Grand Central Terminal. This project was delayed because the tenant occupying the space Shake Shack was to take over, Mexican eatery Zócalo, refused to vacate after the expiration of their lease and filed suit, arguing that the "bidding process (for retail space in Grand Central) is corrupted." The suit was dismissed and Zócalo appealed. In October 2012 Zócalo filed for Chapter 11 bankruptcy protection. In early May 2013, Zócalo vacated the space, and the new outlet opened for business on October 5, 2013. Shake Shack opened its first airport location in May 2013 in JFK's newly expanded Terminal 4. IPO and continued expansion By August 2014, Shake Shack outlets had begun operating in California, Connecticut, Delaware, Washington, D.C., Florida, Georgia, Illinois, Maryland, Massachusetts, New Hampshire, New Jersey, Nevada, Pennsylvania, Texas and Virginia, in addition to the New York locations. That month, reports surfaced that the company was preparing to go public with an IPO and was discussing an underwriting with a number of investment banks, including J.P. Morgan, Morgan Stanley and Goldman Sachs. On January 29, 2015, Shake Shack priced its IPO at $21 per share. On the morning of January 30, 2015, it began trading on the NYSE at $47 per share under the ticker symbol SHAK. In April 2015, shares hit prices of $72, and hit a high of about $90 in May 2015. In its IPO filing, the company stated that it planned to expand its domestic footprint to 450 company-operated stores. While no end date was given for that expansion, the company indicated its intention to open at least 10 restaurants each fiscal year, though it later amended that target to 12 a year and then again later in 2016 to 14 stores a year, a goal that would result in a total of 450 stores in approximately 25 years. Later that May, Shake Shack filed for a trademark for the term "chicken shack" leading to speculation that the company would serve chicken sandwiches. The company temporarily introduced chicken sandwiches to its Brooklyn branches on July 7, 2015. In January 2016, Shake Shack introduced chicken sandwiches across locations in the United States, having previously started serving them at all Brooklyn Shake Shack locations. On August 31, 2016, Shake Shack announced it would begin room service at the Chicago Athletic Association Hotel, the first hotel in America to offer in-room Shake Shack. In November 2016, the first Houston, Texas, location opened inside the Galleria; by March 2017, another opened inside Minute Maid Park in Downtown Houston, with another to open there in August 2019, the 5th overall in the city. The city's 3rd opened at Rice Village in March 2018. By December, the city's 4th opened in Montrose district. In mid-December 2016, Delaware opened its very first in Newark. In February 2017, the first Michigan location was opened in downtown Detroit. A second Michigan location in Troy opened on October 25, 2017. On May 10, 2017, Shake Shack opened their first Kentucky location at The Summit at Fritz Farm in Lexington. That June, the company announced a location would open in Charlotte, North Carolina, in late 2017, becoming the first Shake Shack in the Carolinas. California's 5 locations were all in L.A. County, until the 6th had opened in San Diego on October 20, 2017 at Westfield UTC. The other San Diego location opened in Mission Valley in late 2017, as did a South Bay location in El Segundo in October. It first opened in June 2016 near Gangnam Station in Korea. As of 2024, the number of stores has been expanded to 26. On June 7, 2018, Shake Shack opened their first Ohio location inside Orange Village in East Cleveland, Ohio. More Cleveland area.... Discover the Randy Garutti Mark Rosati Danny Meyer Do popular books. Find the top 100 most popular Randy Garutti Mark Rosati Danny Meyer Do books.