Chipotle Mexican Grill Inc (NYSE: CMG) wants a piece of the metaverse.
The chain of fast casual restaurants just launched a video game on Roblox that lets customers win coupons redeemable at the real-life Chipotle locations.
CEO discusses the metaverse move on CNBC
Metaverse offers a great opportunity for marketing, said Chipotle CEO Brian Niccol on CNBC’s “Closing Bell”. Discussing the company’s debut in the metaverse, he said:
It’s a tremendous opportunity. We’re always looking for ways to engage with young people and get them excited about engaging with our brand. It’s amazing to see what we can accomplish, experimenting with the way that we engage.
Chipotle will report its Q1 results in the final week of April. The stock is down more than 8.0% for the year.
Is there more in the pipeline?
Niccol confirmed that Chipotle will continue to experiment in the metaverse space but refrained from divulging what could be next. The company, he also added, has no plans of setting up crypto as means of payment anytime soon.
According to the chief executive, the U.S. consumer has remained strong so far, but inflation could see it change going forward. He noted:
As gas prices rise and prices rise in other places like grocery, they’ll be a bit more discriminate in where they choose to spend. That’s why we’re focused on making sure that we’ve got a terrific value proposition.