When they retracted they shut them all down in multiple states. A big part of over expanding was thinking the fad bump would be permanent. Smart businesses understand that the fad time is a good time to hoard money, not to blow it. They thought they’d never stop growing, and created their own destruction.
I think it all depends on where you live. Because Chipotle started in Denver where I live (Tucson) was one of its first expansion places. They might have been a fad here 15 years ago, but that time has passed, now they’re a regular fast casual restaurant competing well in a crowded market. They might be a fad where you’re at, but they’ve proven they can make the transition and keep a solid market share in the process.
Krispy Kreme has been going strong in most of the south for over 50 years.... Fads are fads though. I am not saying Chipotle is going out of business, I am saying that they being cited as able to buck the market is a fad/trend that will not continue.
5-10 years from now, there will not be articles about how they can raise their prices while others cannot... because by then tastes will have changed and another company will be holding that spot and Chipotle will be like Olive Garden or any other number of established boring chains.