December 30, 2014
NoMad’s Beloved Shake Shack Going Public
Shake Shack has been a New York institution for over a decade, and one that we hold very dear to our hearts here in NoMad. It was just announced that now we can all buy more than just burgers from Shake Shack; we can finally own a piece of the company itself. Shake Shack Inc. has filed for an IPO under the symbol SHAK with a $100 million placeholder that experts believe could be worth as much as $1 billion.
Even before the flagship store opened in 2004, Shake Shack’s history was intertwined with NoMad and Madison Square Park. Founder Danny Meyer began his venture with a single hot dog cart in the park that helped support Madison Square Park Conservancy’s first art installation. Foodies lined up every day for three summers, and finally a permanent kiosk was erected in the park. The stand in Madison Square Park just had its 10-year anniversary this summer, which we were happy to profile in great detail.
In the past 10 years, Shake Shack has grown from the park, opening 63 outlets around the world. Its expansion into the public market goes hand in hand with the brand’s plans for national expansion. The company aims to open 10 new stores a year starting in 2015, growing from 31 national locations to 450. Shake Shack also has international locations in England, the United Arab Emirates, Qatar, Russia, and Turkey.
Shake Shack may be Meyer’s best known venture, but it’s hardly his first. New York lovers of high-end American cuisine have Meyer to thank for many of the city’s great restaurants. Meyer is founder and CEO of Union Square Hospitality Group, which seeks to provide patrons with exceptional experiences at both their restaurants and community events. Through USHG, he opened NoMad’s own Blue Smoke, Jazz Standard, Marta and Eleven Madison Square Park. The group is also behind NYC dining institutions Union Square Cafe, Gramercy Tavern, The Modern, Cafe 2, Maialino, and North End Grill.
After a decade of loyal foot traffic, Shake Shack’s flagship location in Madison Square Park temporarily closed for renovations in October. A specific reopening date has not been set, but fans can expect to get their fill of the beloved burgers, dogs and shakes by summer 2015. In the meantime, they can visit Shake Shack’s other locations in Battery Park, Downtown Brooklyn, Flatbush Avenue, DUMBO, Grand Central Terminal, Theater District, Upper East Side, and Upper West Side. And, of course, on the floor of the New York Stock Exchange.