Retail History | Chipotle — The Dolly Madison Shop at 1644 East Evans
· 1993-7
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Retail History | Chipotle — The Dolly Madison Shop at 1644 East Evans
kevin
People treat Chipotle as a national assembly line that arrived already filling every college block.
The first shop opened here, at 1644 East Evans Avenue in Denver, on 13 July 1993.
Steve Ells, then twenty-eight, took an 850-square-foot former Dolly Madison ice-cream store a few blocks from the University of Denver. His father, Bob Ells, lent 80,000 dollars in 1993 currency.
The plan was not a chain. It was a burrito counter that might throw off enough cash to fund a conventional restaurant.
The building had sat on the corner of Evans and South Gilpin since 1924. Starbucks had already passed on the site.
Ells kept the ice-cream box and painted the Chipotle name in rusty red across the old sign.
The first evening, he later told a Denver reporter, took about 400 dollars. Within a month the 850-square-foot room was moving close to a thousand burritos a day.
He opened a second Denver shop in 1995 and a third in 1996.
McDonald's bought a minority stake in 1998, when Chipotle had thirteen restaurants, and later held most of the equity.
The chain listed on the New York Stock Exchange on 26 January 2006 at 22 dollars a share and closed that first session at 44 dollars. McDonald's finished selling the rest of its holding later that year.
The Evans room was rebuilt in 2017. A basement beam that Ells signed in 1993 was saved.
The restaurant is still at this address, still serving the campus that first filled the line.
The S&P 500 company still dates its founding to this corner and this July evening.
Photo: CW221 at English Wikipedia, CC BY-SA 3.0, via Wikimedia Commons
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