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The Founder Of Shake Shack Is Now A Billionaire
The Founder Of Shake Shack Is Now A Billionaire

Forbes

time3 days ago

  • Business
  • Forbes

The Founder Of Shake Shack Is Now A Billionaire

for Airbnb D anny Meyer made his name opening up a string of successful upscale restaurants in Manhattan. First came Union Square Cafe in 1985 when he was just 27. That was followed by Gramercy Tavern and Eleven Madison Park. These restaurants made him famous, but it was a hot dog stand he opened in 2001 to raise funds for a public park that led to Shake Shack, Meyer's super successful twist on hamburgers and frozen custards. Now with 585 locations and $1.3 billion in revenue, Shake Shack is a fast food giant Meyer is the latest restaurant billionaire. Forbes estimates the 67-year old St Louis native's net worth is at least $1 billion, thanks mainly to Shake Shack's soaring stock price. The chain's shares are trading near record highs, up 73% over the past year, due to strong financial performance and an aggressive expansion strategy. Meyer, who did not respond to a request for comment on Forbes ' estimates, owns around 3.5 million shares, currently worth about half a billion dollars. He's got hundreds of millions more from selling down his stake in Shake Shack over the past decade. He also still owns his collection of restaurants under Union Square Hospitality Group, in addition to a wide investment portfolio filled with winners like Goldbelly and coffee chain Joe. Meyer joins a growing list of American billionaires who made their fortunes in fast food, including Jersey Mike's Peter Cancro, Panda Express' Andrew and Peggy Cherng, and, recently, Chipotle founder Steve Ells. Like Ells, Meyer got his start in fine dining before going global in fast food. The son of a consultant for Pan American airlines, he grew up enjoying global cuisine thanks to $44 roundtrip plane tickets handwritten by his father. 'Throughout my college years I could not afford not to fly…to Italy for any long weekend,' he writes in his book Setting the Table . After studying political science at Trinity College, he planned to go to law school. The night before his scheduled LSAT exam, Meyer, who had moved to New York City after college, went out for dinner with his uncle Elio on the Upper East Side. He wasn't feeling too enthusiastic about his future career, and Elio noticed his gloomy mood, Meyer recalled in an interview with Forbes last Spring. 'Why on earth would you pursue something you're not interested in doing?' his uncle asked. Meyer realized he had no idea what he truly wanted to do. Luckily, his uncle did: 'All I've ever heard you talk about your entire life has been restaurants and food,' he told him, 'Open a restaurant, for God's sake.' In 1985, at the age of 27, Meyer opened his first business: Union Square Cafe, a modern American restaurant which blends upscale dining with unpretentious warmth and hospitality. The cafe quickly became a staple of Manhattan dining and is still open today. Despite his first restaurant's success, Meyer did not replicate the concept into additional locations as he would later do with Shake Shack. Instead, he expanded his culinary portfolio with a series of diversified restaurant offerings: In 1994, he opened Gramercy Tavern, a dimly-lit spot with a more rustic aesthetic that quickly earned him his first Michelin star. Then came Eleven Madison Park in the late nineties, which marked a further push into high-end dining and earned three Michelin stars and global recognition. By the early 2000s, Meyer had a growing portfolio of six renowned restaurants spread out across New York City. He certainly didn't need to open a hot dog cart in the middle of a public square to stay afloat. But that's exactly what he did. Madison Square Park wasn't as safe in 2001 as it is today, and the city had asked Meyer for help keeping it busy. 'The goal was to raise money for the park…and to provide a reason for people to use [it] from morning till night,' he told Forbes last year. But the cart, whose profits were being in part donated to Madison Square Park Conservancy, quickly grew popular: 'I wanted to see if we could infuse a hot dog cart with hospitality…and we had lines around the corner,' Meyer told Wharton Professor Adam Grant in an interview. Still, he waited three years to convert the cart into a permanent kiosk, which he named Shake Shack, and another five before opening a second location on the Upper West Side. 'Ironically, the lines only got longer,' he told Forbes last Spring. 'That's when we began to plan our third and fourth.' From there, Shake Shack quickly became a beloved NYC haunt. Meyer had grown it to 66 locations in over 16 cities by the time he took it public on the New York Stock Exchange in 2015. Today, Shake Shack owns and operates about 380 stores within the United States, and has an additional 210 global locations under a franchise model spread across more than 15 countries. Last year, the chain did $1.3 billion in revenue, a 15% increase from 2023. Shack Shack has plans to expand to 1,500 company-operated stores in the long term. Meyer owned more than 20% of the company at the time of the IPO, but has whittled his stake down to about 4% today through regular stock sales, presumably to diversify his portfolio. He positioned Shake Shack as a "fine-casual" chain with more premium burgers than its competitors. In addition, Meyer has invested in a diversified portfolio of hospitality businesses through Enlightened Hospitality Investments, a strategic growth equity fund affiliated with Union Square Hospitality Group. He was an early investor in New York City coffee chain Joe, which today operates 23 locations, and reservation app Resy, which was acquired by American Express in 2019. In 2022, he transitioned from CEO to executive chairman of Union Square Hospitality Group, and is still active in its management. He continues to serve as Shake Shack's chairman, a position he's held since 2010. 'All my learning came from trattorias and bistros. What I loved more than anything was a sense of place…that made a big impact on me,' Meyer explained in a 2015 TED talk. As he told Forbes last year, 'It was never a dream to have more than one [Shake Shack].'

Danny Meyer's First Boston-Area Restaurant Is Opening in Harvard Square Next Week
Danny Meyer's First Boston-Area Restaurant Is Opening in Harvard Square Next Week

Eater

time18-07-2025

  • Entertainment
  • Eater

Danny Meyer's First Boston-Area Restaurant Is Opening in Harvard Square Next Week

is the deputy editor of Eater's Northeast region, covering Boston, Philly, D.C. and New York. Based in Boston, she has spent years covering the local restaurant industry. Daily Provisions, the all-day cafe from Union Square Hospitality Group — a well-known NYC restaurant group founded by famed restaurateur Danny Meyer — is set to debut in Harvard Square, at 1 Brattle Square, on Monday, July 21. It'll have all the hits that put the fast-casual restaurant on the map in New York, including fluffy, sweet crullers in flavors like maple and cinnamon, as well as bacon, egg, and cheese sandwiches for breakfast, plus salads, sandwiches, and juicy roast chickens later in the day. The first 100 customers at the Harvard Square shop on opening day will receive a free cruller, per a press release. Going forward, the cafe will be open from 7 a.m. to 9 p.m. every day. This debut marks the 10th Daily Provisions location for the company, and the first outside of New York and New Jersey. Another Boston-area Daily Provisions, plus a second location of USHG's upscale Italian restaurant Ci Siamo, are slated to open in the Seaport in spring 2026. Head to the (Haverhill) vineyard this weekend We're getting a bit of a break from the heat this weekend, just in time for the kickoff of Massachusetts' inaugural natural wine fair dedicated to showcasing East Coast producers. Masseration takes place on Sunday, July 20, from 12 to 4 p.m., at the future vineyard home of Marzae Wines (the state's first natural winery) in Haverhill, Massachusetts. Tickets are $58 per person and include samples of wines and ciders from 17 participating producers. There will also be live music throughout the afternoon and food available for purchase from Third Time Together. A summer collab dinner you won't want to miss The co-owners and friends behind Somerville restaurant Mimi's Chūka Diner and Inman Square fried chicken spot Hot Chix are getting together to host a one-night-only 'Boyz of Somer (and also Cambridge)' dinner on Sunday, July 27. Both restaurants are bringing their A-game to the party with seafood platters, chicken fries, brisket, chashu steak, and fun twists on the daiquiri and whiskey smash to wash it all down. See the full menu and book a reservation here. Eater Boston All your essential food and restaurant intel delivered to you Email (required) Sign Up By submitting your email, you agree to our Terms and Privacy Notice . This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

You can now order Shake Shack burgers on Delta flights out of these 7 U.S cities
You can now order Shake Shack burgers on Delta flights out of these 7 U.S cities

Time Out

time04-06-2025

  • Business
  • Time Out

You can now order Shake Shack burgers on Delta flights out of these 7 U.S cities

We'll freely admit it: part of the allure of a long layover at Dallas Forth Worth has always been that second story Shake Shack at the top of the escalators. And now we and our fellow passengers can also board a flight—on Delta Airlines—and get a second Shackburger, but this time airborne. That's thanks to a partnership between the airline and the beloved burger chain, which has now deliciously rolled out to seven new U.S. markets this week. The only catch? You have to be a first-class passenger. From Tuesday, June 3, first-class Delta customers flying out of certain airports on flights that go more than 900 miles can order a Shake Shack cheeseburger onboard. The sandwich is made with 100-percent Angus beef and melted American cheese on a toasted potato bun; you can also add whatever condiments or toppings (lettuce, tomato, onion and the like) that you desire to have or to hold. The in-flight offering will also include crinkle-cut potato chips—as a nod to the crinkle cut fries you ordinarily get when you're not at cruising altitude—and a dark-chocolate brownie. Which airports can take advantage of this deliciousness right now? Travelers out of Miami International Airport, John F. Kennedy International Airport in New York City, Harry Reid International Airport in Las Vegas, Orlando International Airport, Minneapolis–Saint Paul International Airport, San Francisco International Airport and Salt Lake City International Airport all have the option open to them. Detroit folks, hold your horses and wait—by July, you'll be able to order the Shake Shake cheeseburger in the air, too. Fun fact: Shake Shack began operations out of a hot dog cart in New York's Madison Square Park in 2001. Helmed by celebrity chef Danny Meyer, it was supposed to help revitalize the ailing park, and three years later was successful enough to transform into a kiosk-style restaurant, where people would wait in line for as long as three hours to place their burger order. Today there are around 500 Shake Shacks all around the world, and while many companies are closing doors post-pandemic, Shake Shack is planning to open another 80 new restaurants in 2025, according to QSR magazine.

Danny Meyer Is Opening a Members-Only Restaurant in Manhattan
Danny Meyer Is Opening a Members-Only Restaurant in Manhattan

Eater

time30-05-2025

  • Business
  • Eater

Danny Meyer Is Opening a Members-Only Restaurant in Manhattan

How many more private dining clubs can Manhattan take? Apparently, at least one more: Moss, a coming-soon members spot off of Bryant Park, at 520 Fifth Avenue, is the latest to throw its hat into the ring. It's been separating itself from the pack over the past year, targeting a younger downtown community of food people, who have hosted various events at their Midtown space to drum up awareness before Moss officially debuts in the fall. But when it opens, they're going with an established food team: Babette, by prolific powerhouse restaurateur Danny Meyer's Union Square Hospitality events team, will be launching at the five-floor Moss property. Makes sense since, after all, this is a members club in Midtown, in an area where many are familiar with and probably customers of Meyer's properties, from Ci Siamo to Gramercy Tavern. The dining 'concept,' as it was described by a spokesperson, will be joined by perks like a 'vitality pool,' Turkish baths, a yoga and pilates suite, a pickleball court, as well as 'grooming lounges,' and a hi-fi listening room. No word yet on the food for Babette, Eater has reached out for more information. A new name in ice cream The Infatuation has the scoop on Nun Left, a new Harlem pint business that comes from Jane Brendlinger, a food writer and Per Se pastry chef, per the review. Ordered via Instagram DM, these are pricier than a supermarket brand at $15, but with extremely fun flavors such as Thai tea brownie and princess cake. Restaurant team rises again Citroën, a bistro in Greenpoint that closed in late 2024 due to landlord disputes, has decided that instead of trying to relaunch the name elsewhere in North Brooklyn, they're opening something new. Greenpointers reports the team will debut the Sparrow, an 'Art Deco cocktail bar and restaurant,' in a kitchen led by Carlos Despradel, a Nomad and Clocktower alum. It's coming to 185 Broadway, at Driggs Avenue, in Williamsburg, in August. Sign up for our newsletter.

Retail Roundup: Shake Shack among new stores coming to Broward shopping village
Retail Roundup: Shake Shack among new stores coming to Broward shopping village

Yahoo

time27-05-2025

  • Business
  • Yahoo

Retail Roundup: Shake Shack among new stores coming to Broward shopping village

The burger wars keep raging in South Florida. Squeezing into space crowded by Five Guys, BRGR Stop, BurgerFi, Culver's, Char-Hut, Jack's Old Fashion, Sonic, mainstays McDonald's, Checkers, Wendy's, Burger King, and others, up-and-comer Shake Shack plans to bring its nostalgic take on burgers, fries and milkshakes to its 13th South Florida location during the second quarter of 2026. Kimco Realty, owners of Dania Pointe, announced that the rapidly growing burger chain would be among four new retailers scheduled to open in the 102-acre shopping village west of Interstate 95 and just south of Stirling Road. Retail Roundup: Newest Sprouts opening in Coconut Creek, Prada comes to Aventura Mall Retail Roundup: Boca Raton and Wellington malls announce new luxury fashion, restaurant offerings Retail roundup: Town Center at Boca Raton adds new stores; Kendra Scott plans opening Of the 12 Shake Shack locations that have opened in the tricounty region since 2010, six are in Miami-Dade County while Broward and Palm Beach counties are home to three each. The chain, on a march to quadruple its unit count, ended the first quarter of 2025 with 589 restaurants, according to the industry website Aiming to reach 1,500 locations, the company recently announced deals to open 10 restaurants across the United States and Canada and 12 units in Panama. Founded by restaurateur Danny Meyer and his Union Square Hospitality Group, the first Shake Shack outside of New York City opened on Lincoln Road in Miami Beach back in 2010. Food writers were excited about its debut. The Miami Herald proclaimed that 'NYC's famed hot spot' was 'ready to rock our worlds.' It warned patrons to bring a magazine to pass time waiting in long lines to get in. 'That is if you can concentrate on reading with all those overwhelming aromas,' the paper said. The new arrival was mentioned in more than a dozen Herald stories that summer along with a three-and-a-half star review that ran weekly in its Dining section. Miami-Dade's second Shake Shack opened in Coral Gables in 2012. By then, the company had expanded to 16 locations. The following year, a third South Florida Shake Shack opened across from Florida Atlantic University on Glades Road in Boca Raton. Reviewing the restaurant for the South Florida Sun Sentinel, the late John Tanasychuk compared the 'flawless restaurant experience' to visiting drive-in restaurants with his grandmother and siblings during his youth. Tanasychuk praised the efficiency of the workers, the ratio of bun to burger, and even the toppings that 'compliment instead of overwhelm each bite.' When Broward County's first Shake Shack arrived in December 2019 on Federal Highway in Fort Lauderdale, the chain boasted 140 restaurants in the United States, as well as in numerous other countries. Today, the chain offers all-natural Angus beef burgers prepared in a variety of ways, including an Avocado Bacon Burger, a Carolina BBQ Burger, and burgers that include a fried portobello mushroom. Patrons can choose fried chicken sandwiches, white-meat chicken 'bites,' Vienna beef hot dogs, and crinkle-cut fries topped with ranch dressing, cheddar and American cheese, and bacon. New on Shake Shack menus this year are side orders of crispy fried dill pickles — touted as the first new side order offered by the company. To top off your meal, there are plenty of choices of shakes, floats, and freshly made frozen custards. For more information and to see a list of area Shake Shacks, you can visit while waiting for the Dania Pointe location to open, go to Three other retailers are scheduled to open later this year at Dania Pointe: — Face Foundrie, an 'all-inclusive' facial bar, plans to open a 1,510-square-foot shop in June. Learn about the chain at — Rowan, an ear piercing and hypoallergenic jewelry studio backed by a medical advisory board, is set for a July opening in a 939-square-foot store. Check out available styles at — lulemon, a performance apparel retailer, slated to open a 'pop-up' this summer, according to a news release. Examples can be viewed at Located in the southwest corner of the intersection of Lyons and Wiles roads, Promenade at Coconut Creek announced upcoming openings of four new retailers, and one that has already opened. They are: — Bronx Luggage, offering a variety of high-end luggage that a news release says can be handed down to new generations. Brands that will be offered when the store opens this summer include Briggs & Riley, Travelpro, Bric's, Samsonite, Delsey/Ricardo, IT, Gabbiano, and Wisdom. Check them out at — Lélior, maker of luxury home fragrances. This fall, they will be available as oils, candles, reed diffusers, diffusers, aromatherapy, linen sprays and room sprays. Lélior says that all products are made in the United States with natural ingredients, making them safe to use around children and pets. Find exclusive deals at — Crema Gourmet, billed as a hipster-friendly culinary treat with an all-day breakfast menu featuring fresh juices, pasta dishes, sandwiches, salads and more, will open in the summer. 'Every cup of coffee is a journey in itself,' says a news release. See the creations at — Dripz Bar Creations, a combination 'pour-and-paint' studio and party setting, opened on May 23. The unique venue 'offers DIY sculptures and fun 'masterpiece' painting opportunities that allow guests to craft fantastic gifts, hold unforgettable date nights, and host perfect party activities for any age,' according to the business. Learn more at — Rise Modern Wellness will stack a pile of wellness services into its 2,913-square-foot store, including weight loss, immunity and detox, beauty and anti-aging, deep relaxation, athletic performance, and pain management. The salon is expected to open in fall or winter. Go to for more details. JMC Hairwear, a tenant in the Festival Flea Market in Pompano Beach for 33 years, has relocated to a new store at 4628 N. Federal Highway in Lighthouse Point. The full-service wig salon sells toppers and all other hair accessories, says owner Caryn Deri. It offers expert hair styling, color services, and hair highlights, along with a selection of hair extensions that can add length, volume, or create a new look. 'We specialize in fittings for people undergoing chemotherapy,' Deri adds. 'We are licensed hairdressers who specialize in cutting and fitting of every wig for each client, all done while you wait.' To book an appointment, visit Ron Hurtibise covers business and consumer issues for the South Florida Sun Sentinel. Send him your retail news at rhurtibise@ Make sure to type Retail Roundup in the subject line of your email.

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