Brazil: Shake Shack enters with Bold, plans 40 locations by 2036
By Alexander SchekGo-to-market and sales leadership in Latin America
1 min readShake Shack is entering Brazil through a licensing deal with Bold Hospitality Company, with the first Shack in São Paulo in 2027 and 40 by 2036. About four a year looks slow, but a local operator saves years of learning, and in Brazil that is worth part of the margin.
Shake Shack announced it is entering Brazil through a licensing deal with Bold Hospitality Company, the São Paulo operator behind Outback Steakhouse, Abbraccio and Aussie in the country. The first Shack opens in São Paulo in 2027, and the plan is 40 locations by 2036.
Bold expects to close 2026 with 217 restaurants in 22 states and the Federal District. Bold, led by CEO Pierre Berenstein, will run the Shacks, with Mauro Guardabassi as president of Shake Shack Brazil. The move comes after seven years of growth in Mexico, with Panama next.
Forty locations in ten years is about four a year, which looks slow for a brand with more than 740 locations worldwide. I think it is the right pace. I have seen global brands set up a direct team in a new Latin American country and spend two years learning what a local operator already knows. Licensing gives up part of the margin, and in a market the size of Brazil I would make that trade. How much room will Bold have to adapt the menu and prices for Brazilian customers?
Sources: Shake Shack, Shake Shack Deepens Latin America Presence with Planned Entry Into Brazil, October 7, 2026; Bloomberg Línea Brasil, Shake Shack signs deal with Outback owner to open 40 stores in Brazil by 2036
Publication: Originally published on my professional LinkedIn on November 4, 2026.