Chipotle Mexican Grill Inc. (NYSE: CMG) shares dipped early on Monday after the burrito chain announced that it is piloting its new “highly anticipated” loyalty program, Chipotle Rewards. This is part of Chipotle’s ongoing efforts to drive digital innovation and make the brand more accessible. The points-based loyalty system is now live in three test markets.
The program is being tested in Phoenix, Arizona, Kansas City, Missouri, and Columbus, Ohio, ahead with a national launch, currently slated for 2019.
Under this new loyalty program, eligible customers in each of the three test markets can sign-up for Chipotle Rewards via the Chipotle app or on Chipotle.com. Those who enroll can earn 10 points for every $1 spent, with 1,250 points resulting in a free entrée. To drive even more digital orders, for a limited time customers can earn 15 points for every $1 spent in the app and online.
Following the recent launch of Chipotle’s direct delivery service, the company has seen steady growth in digital orders.
Curt Garner, chief digital and information officer at Chipotle, commented:
At Chipotle, we’ve been very focused on making our brand more accessible and growing love and loyalty among our customers. Now, with Chipotle Rewards, the more you Chipotle, the more you earn points towards free Chipotle.
Shares of Chipotle traded early Monday at $458.54, with a consensus analyst price target of $471.70 and a 52-week range of $247.52 to $530.68. Following the announcement, the stock was down 2% at $455.00 in early trading indications Monday.
24/7 Wall St.It’s Your Money, Your Future—Own It (sponsor)
Are you ahead, or behind on retirement? For families with more than $500,000 saved for retirement, finding a financial advisor who puts your interest first can be the difference, and today it’s easier than ever. SmartAsset’s free tool matches you with up to three fiduciary financial advisors who serve your area in minutes. Each advisor has been carefully vetted and must act in your best interests. Start your search now.
If you’ve saved and built a substantial nest egg for you and your family, don’t delay; get started right here and help your retirement dreams become a retirement reality.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.