Need some clarification here. Cannibilization does not mean they are using human beef on their burritos!! I'm afraid some of the Chipotle Kool-Aid drinkers might get the wrong idea. Never noticed kool-aid on their menu, but from what I see on this message board, they must be serving it.
Cmg has a copycat problem brewing big time. In just ate a Pancheros Mexican grill in NJ today for the first time. It is the same concept and same food as CMG. Currently 55 franchises but available as compared to CMG.
Same food but a couple of dollars cheaper. Same assembly line process, slightly better internal atmosphere(tv for instance).
I won't go to cmg again and this mirror image copy is not good for busy. No barriers to entry to make a burrito!!
Cmg is not worth the multiple given that these can be put up by anyone with a net worth of 750k
Eat4fun, I got most of your post but you might proofread before you hit the send button. I looked at the Pancheros web site and I agree it is a copycat. You are correct as Pancheros stores just saturate the market with a chipotle look alike. 55 stores is not a lot so far. The website has the same feel as chipotle. i see one in my area and will check it out.