Market-entry deck
Shake Shack × Taiwan — the case in 8 slides
Structure mirrors a Thailand market-entry deck, rebuilt for Taiwan on this project's dataset (14,975 stores / 29 brands / menus / 226 metro stations) plus cited public research. Every researched figure carries a source; NA means genuinely not public.
S1
Competitor overview — who sells burgers in Taiwan
Mass tier burgers run NT$69–139 (sets NT$98–213); the boutique tier starts at NT$160 and tops ~NT$528 — but its biggest player has just 22 stores. Nobody operates premium burgers at scale. That is the Shake Shack slot.
| Brand | Entry | Origin | Outlets† | USP | Burger NT$ | Set NT$ |
|---|---|---|---|---|---|---|
| McDonald's 麥當勞 | 19841 | USA | 420 | Breakfast platform + seasonal LTO lines (truffle black burger) | 78Big Mac | 148 |
| MOS Burger 摩斯漢堡 | 19912 | Japan | 295 | Rice burgers on Taiwan-grown rice (invented here) | 70MOS Burger | 170 |
| KFC 肯德基 | 19853 | USA | 200 | Egg tarts + Sichuan-pepper fried chicken | 95Zinger | 213 |
| Subway | 19954 | USA | 128 | Made-to-order subs; official site publishes no prices | NA | NA |
| Burger King 漢堡王 | 19905 | USA | 102 | Flame-grilled Whopper + flavor LTOs (peanut, Sichuan, mango) | 139Whopper | 194 |
| 21Plus 21風味館 | 1995/966 | Taiwan | 65 | Herb roast chicken & rice boxes (no burgers) | —half chicken 189 | — |
| TKK 頂呱呱 | 19747 | Taiwan | 50 | Taiwan's first homegrown fried-chicken chain; 呱包 | — | 199 |
| Dan Dan 丹丹漢堡 | 19848 | Taiwan (KHH) | 38 | Congee × burger combos; south Taiwan only | 69 | 98 |
| Boutique / premium tier | ||||||
| Thefreen 樂檸漢堡 | 20079 | Taiwan (Chiayi) | 22 | Nutritionist-founded fast-casual burgers | 160signature beef | 225 |
| Selfish Burger 喀漢堡 | 201610 | Taiwan | 1* | Gourmet burgers (bone marrow, truffle); Xinyi CBD; ex-food-truck | 280Classic | 420 |
| Everywhere Burger Club | 201911 | Taiwan | 1* | Da'an smash-burger bar; ex-food-truck (VW van outside) | 310smash, à la carte | — |
| Taihu 啄飲室大安 (臺虎) | 2018/1912 | Taiwan | 1* | Craft-brewery taproom famed for smash burgers | 420OG Stack | — |
| Rendezvous 來搭伙吧 | 202013 | Taiwan | 1* | Aussie burger bar (ex-0870), Zhongshan | 257–432à la carte | — |
| Comfort Burger Company | 202414 | Taiwan | 1* | Smash-burger specialist by SYS Memorial Hall | 290Smash Bros | 400 |
| Awesome Burger 澳森漢堡 | ≤201515 | Taiwan | 1* | Xinyi-lane American diner burgers, decades-running | 220–300à la carte | — |
| Burger Ray 個性漢堡 | —16 | Taiwan | 1* | Build-your-own gourmet burgers | — | ~528 |
Mass tier: burger NT$69–139Boutique: NT$160–528, ≤22 stores eachShake Shack: not in Taiwan‡
1 McDonald's TW: first store 1984-01-28, Minsheng E. Rd., Taipei — first foreign chain restaurant in Taiwan (自由時報 2015-06-24; 報時光/UDN 2023-11-17).
2 MOS TW: 安心食品 JV (東元 × MOS Food Services) founded 1990; first store 1991-02, Xinsheng S. Rd., Taipei (MOS official; 遠見 2019-03).
3 KFC TW: market entry 1984-07 (Uni-President JV licence); first store 1985-04-16, Wuchang St., Ximending (維基百科; 報時光/UDN 2025-03-27).
4 Subway TW: first flagship store Tianmu, Taipei, 1995 (臺北市食材登錄平台 vendor page).
5 Burger King TW: 大成集團 obtained agency rights 1990 (SETN 2019-11-08; 工商時報 2018-07-16). Franchise moved to 台鋼 皇家國際美食 in 2024 — see S3.
6 21風味館: company founded 1995-11 (Uni-President + 凱友投資), first store 1996 (維基百科).
7 TKK: first store 1974-07-20, Ximending (official tkkinc.com.tw/history).
8 Dan Dan: first store 1984, Qianjin Dist., Kaohsiung (維基百科).
9 Thefreen 樂檸漢堡: founded 2007, Chiayi, by a nutritionist couple (official thefreen.com/about; 台灣地方創生基金會 partner page). Prices = official in-store menu PDF (thefreen.com/menu, 2026-11).
10 Selfish Burger 喀漢堡: founded 2016-07 (parent 森邦 Sun Spark official page). 板橋大遠百 branch (opened 2018-06) closed by 2022 → 1 store, 莊敬路 Xinyi. Prices: UberEats/foodpanda 2026-11-09 — Classic 280 (burgers to 510); +140 'Set for One' → classic set ≈ 420.
11 Everywhere Burger Club: storefront opened 2019-07, ex-Everywhere Food Truck (anise.tw 2019-07-07). Smash burgers NT$310 à la carte (UberEats 2026-11-09); no sets, no foodpanda, no official online menu.
12 Taihu 啄飲室大安 (Taihu Brewing 臺虎精釀): trial run 2018-09, grand opening 2019-01 (Heho). Burgers: Mini Stack 330 → OG Stack 420 → Chris Stack 432 (UberEats 2026-11-09); à la carte only; 1 min from MRT 忠孝復興.
13 Rendezvous 來搭伙吧: relaunched 2020 from 前身 0870澳洲漢堡餐酒館 (suni.tw 2020-08; EZTABLE). Predecessor's founding date unverified — left blank. Burgers NT$257 (pork) – 432 (double beef), UberEats 2026-11-09; à la carte only.
14 Comfort Burger Company: opened 2024-07 (WalkerLand 2024-07-05; GQ 2024-08). Smash Bros 290 / meal 400 (UberEats 2026-11-09; foodpanda carries it too — its NT$1 'Smashburger' row is an API placeholder, excluded).
15 Awesome Burger 澳森漢堡 (Xinyi restaurant — not Nestlé's plant-based product): founding unverified; operating since ≤2015-06 (PTT review). Menu from in-store board photos (wanteatfood.com 2026-10-19): burgers 220–300. No UberEats/foodpanda presence.
16 Burger Ray 個性漢堡: ~NT$528 set is a diner-review figure (fonfood, undated); official online shop closed — low confidence, indicative only.
* Boutique store counts: brand sites/IG/directories + this repo's loop-45 research (data/<slug>/tw, retrieved 2026-11-09) — not registry data. Menus per channel flagged per row in each brand's menu.csv.
† Outlets & big-chain prices: this repo's store/menu snapshot, data/<brand>/tw, retrieved 2026-11-02 (TKK/Subway 11-04). Flagship single vs set from official/aggregated menus in analysis/results/meal_flagship_ladder.csv.
‡ Shake Shack has no Taiwan presence as of Nov 2026 — the gap this deck is about.
S2
How the big four localize for Taiwan
Every incumbent has spent decades building Taiwan-specific platforms — rice burgers, egg tarts, Sichuan pepper, local produce, tea culture. A premium entrant does not need to out-localize them; it needs a product none of them sell (see S3).
† Store counts: repo snapshot data/<brand>/tw, retrieved 2026-11-02. Official product pages accessed 2026-11-09 (mcdonalds.com/tw whats-hot & product pages; mos.com.tw menu pages; burgerking.com.tw news & 限時新品; KFC promos via UDN 2026-10, 自由時報 2026-08-11).
* Items marked * are sourced from unofficial menu aggregators (sekainomys / baliman / cpok / finduheart, accessed 2026-11-09) — SKU existence confirmed, prices secondary. LTO windows are campaign dates and may end early (售完為止).
S3
Operator financials — and the milkshake white space
Two of the four Taiwan operators are exchange-listed, so real numbers exist: MOS runs NT$6.1bn on 295 stores, Burger King NT$2.7bn on ~100. McDonald's keeps its ~NT$25bn (estimated) private; KFC's owner is in sale talks. And across all four menus: not a single milkshake.
| Brand | Taiwan operator | Stores† | FY | Revenue NT$m | USD m⁵ | Rev/store NT$m⁵ | Disclosure | Shakes?⁶ |
|---|---|---|---|---|---|---|---|---|
| McDonald's | 和德昌 (private) | 420 | FY2023 | 25,000 (est.)1 | ~761 | ~59.5 | Private | ✗ |
| MOS Burger | 安心食品 (TWSE 1259) | 295 | FY2025 | 6,0622 | ~185 | ~20.5 | Listed ✓ | ✗ |
| Burger King | 台鋼 皇家國際美食 (TPEx 4419) | 102 | FY2025 | 2,6623 | ~81 | ~26.1 | Listed ✓ | ✗ |
| KFC | 富利餐飲 / Jardine JRG (private) | 200 | — | NA4 | NA | NA | Private | ✗ |
White space: burger + shake
Zero milkshake SKUs across all four major chains' Taiwan menus (our menu datasets + official pages, Nov 2026)⁶ — the same gap the reference market showed. A burger-and-shake concept enters Taiwan with no direct product competitor at any scale.
1 McDonald's TW (和德昌) never discloses revenue (「台灣麥當勞從不對外公布營業額」). NT$25.0bn is an FY2023 industry ESTIMATE reported by 天下雜誌 2024-03-06 (~5× MOS, store-count × ticket inference); 未來流通研究所 2025-08 lists it in the FY2024 NT$10bn+ revenue club. Registry paid-in capital NT$2.756bn (經濟部/台灣公司網).
2 安心食品 (MOS TW, TWSE 1259): FY2025 consolidated revenue NT$6.062bn (+0.27% YoY, 4th straight record), net profit NT$79m, EPS NT$2.45 — shareholders' meeting coverage, UDN & 工商時報 2026-05-22. FY2024: NT$6.045bn / NT$66m / EPS 2.05.
3 皇家國際美食 (TPEx 4419, 台鋼 group) took the BK Taiwan franchise in 2024 (經濟日報 2024-03-30: ~95 stores, ~NT$2.2bn revenue at handover). FY2025 consolidated revenue NT$2.662bn from exchange-filed monthly revenue (nStock aggregation; company PRs). 4419 is consolidated; BK is the principal brand. Franchise lineage: 大成 (1990 agent) → Nexus Point (2018) → 台鋼皇家 (2024).
4 KFC TW (富利餐飲, Jardine Restaurant Group): private, revenue not disclosed. Scale reference: 2026-05 sale reporting (數位時代 2026-05-14) valued TW/HK/Macau KFC+Pizza Hut at ~NT$12.6bn with EBITDA ~US$35–40m. Registry paid-in capital NT$1.81bn.
5 FX: USD/TWD 32.85 — the rate used in this repo's international price benchmark dataset (analysis/results/pricing_localization.csv, retrieved 2026-11-08). Revenue/store divides latest-FY revenue by our 2026-11-02 store snapshot — fiscal years and snapshot dates differ; treat as magnitude only.
6 Shakes check: zero milkshake SKUs found across McD/KFC/BK/MOS Taiwan menus in this repo's menu datasets (data/<brand>/tw/menu.csv, 2026-11) and official menu pages (accessed 2026-11-09). McD's 冰炫風 (McFlurry) is a soft-serve mix-in, not a shake.
S4
Location case — Taiwan's boutique leader avoids the station front
In the reference market, the boutique winner sat on transit + premium malls. Taiwan's largest boutique burger chain (Thefreen 樂檸, 20 stores) does the opposite: suburban, road-side, car-friendly — only three stores sit within 400 m of any metro station, and exactly one inside core Taipei's MRT catchments. The six single-store boutiques (S1 rows 10–15) DO cluster in Taipei MRT catchments — Taihu is 1 min from 忠孝復興 — but none has scaled past one store. Transit-located premium burgers AT SCALE remain unoccupied.
20 stores · 10 cities¹Only 13/20 in metro cities¹3/13 within 400 m of a station²2 mall units³
| Thefreen store | City | Nearest station | Straight-line distance² | Mall³ |
|---|---|---|---|---|
| 朝馬虎城(renovating) | 台中 | 文華高中 中捷 | 142 m | |
| 南京三民 | 台北 | 松山機場 北捷 | 316 m | |
| 忠孝敦化 | 台北 | 忠孝敦化 北捷 | 343 m | |
| 中山天母 | 台北 | 芝山 北捷 | 404 m | |
| 駁二大港倉 | 高雄 | 哈瑪星 高捷 | 632 m | |
| 明誠自由 | 高雄 | 凹子底 高捷 | 678 m | |
| 中壢領航 | 桃園 | 領航 機捷 | 754 m | |
| 信義遠百 | 台北 | 象山 北捷 | 990 m | |
| 新莊棒球場 | 新北 | 泰山 機捷 | 1.0 km | |
| 美術館 | 高雄 | 凹子底 高捷 | 1.4 km | |
| 高工南和 | 台中 | 大慶 中捷 | 2.1 km | |
| 鳳山文樂 | 高雄 | 鳳山西 高捷 | 2.2 km | |
| 南崁中正 | 桃園 | 山鼻 機捷 | 4.0 km |
Bar scale caps at 1.2 km. Green ≤400 m · amber ≤800 m · red beyond. 7 non-metro-city stores not shown.¹
The opening
Taipei's four highest-scoring districts (中正/大安/中山/信義) have 26–67 stations each — yet the entire boutique tier has exactly ONE store (忠孝敦化, 343 m) within 400 m of any of their stations.⁴ Shake Shack's classic transit-hub + flagship-mall playbook (think 台北101/A13, 忠孝敦化, 市政府) enters uncontested.
1 Store list: official thefreen.com directory, geocoded (repo snapshot 2026-11): 21 entries = 20 retail stores + 1 bakery HQ (excluded). 7 further stores are in cities with no metro (Tainan ×3, Hsinchu, Chiayi, Yilan, Changhua) incl. a National Highway No.1 rest-stop unit (國道新營) — car-oriented DNA.
2 Metro layer: 226 stations (北捷121/高捷39/機捷23/新北捷25/中捷18), NLSC 捷運車站 shapefile v1150409 (data.gov.tw #73233). Distance = straight-line haversine to nearest station (直線距離) — real walks run ~1.2–1.4× longer. Full table: analysis/results/s4_thefreen_metro.csv (computed 2026-11-09).
3 Mall flags manually verified for the two shown (信義遠百 = Far Eastern Xinyi A13 food hall; 朝馬虎城 = 台中虎城複合商場 3F). Statuses as of snapshot: 朝馬虎城 renovating, 員林南昌 temporarily closed. Boutique peer Selfish Burger 喀漢堡: now 1/1 store CBD (信義莊敬路; 板橋大遠百 branch closed 2022) — see S1 fn 10.
4 Top-district station counts & scores: this repo's shakeshack_top20.csv / station catchment analysis (中正/大安/中山/信義 scores 86–99). Reference-deck analog: Thailand boutique JiM's Burger won with 3 shophouses near BTS/MRT + 2 mall units.
S5
Taiwan culinary trend — five pillars
Street-food heritage, bold creativity, global appetite. Taiwan's NT$910bn food-service market grew +7.5% nominal in 2025¹ — and every pillar below points the same direction: a premium, social-first burger-and-shake brand with a real-ingredients story.
Authentic & Heritage-Driven
Everyday heritage formats are the fastest-growing segments: bento/zishucan +22.1%, breakfast shops +16.4%, noodle/snack stalls +12.9% YoY.¹ Michelin 2025 inspectors flag lighter reinterpretations of Hakka fare.²
QSR proof: MOS rice burgers on Taiwan rice; McD touts local bacon + beef tomato (S2).
Bold & Flavor-Forward
2026 trend reports flag yuzu and Korean chili (gochujang) as breakout flavors.³ The big four fight with spice/numbing + fruit LTOs: KFC Sichuan-pepper line gone permanent; McD truffle black burger; BK Sichuan & mango Whoppers (S2).
Healthy & Sustainable
15–34s grew health-supplement spend +35% YoY — the youngest cohort is the fastest-growing wellness spender.⁴ Plant-based keeps mainstreaming (USDA FAS ATO report).⁵ MOS already sells a 100% plant patty and upgraded to super-barley rice.
Lands for a 'real ingredients, no-antibiotics beef' story.
Global Fusion & Influence
'Experience abroad, consume back home': restaurant groups race to license Japanese/Korean queue-famous brands, with entries expected through 2026H2.⁶ Shake Shack rides this exact import channel — a US brand with queue-culture cachet.
Experiential & Social-First
'Made for Moments' — occasions over fuel — tops 2026 global F&B trends.⁷ 86% of TW consumers planned cuts and 76% show no brand loyalty, yet experience/destination dining keeps pricing power.⁸ Meal-accompanying drinks = 20% of beverage sales (tea ≈40%).⁹
The shake IS the social ritual — attach-rate culture is pre-built.
1 未來流通研究所 (Mirai) 2025 food-service industry structure data, via Eatsy「2026 餐飲業趨勢回顧」pub. 2026-09-03 (partners.eatsy.tech). Market frame: 2025 industry ~NT$909.7bn, nominal +7.5% YoY; eating-out CPI +3.4%.
2 MICHELIN Guide Taiwan 2025, 'Inspectors Reveal 5 Key Trends', guide.michelin.com, pub. 2025-08-25.
3 天下雜誌「2026年餐飲趨勢報告：柚子、韓式辣醬爆紅？」pub. 2026-01-02.
4 Worldpanel by Numerator《2026台灣民生消費十大趨勢》via 食力 foodNEXT, pub. 2026-01-31.
5 USDA FAS Taipei ATO, 'New Consumers Embrace Plant-based Trends in Taiwan' (TW2022-0013). No single official TW 'healthy dining' market size exists; behavioral proxies cited instead.
6 經濟日報「海外吃、台灣開！餐飲股瘋搶日韓名店」pub. 2026-07-30.
7 Innova Market Insights 2026 Top-10 F&B Trends ('Made for Moments'), via 食力/LINE TODAY, pub. 2025-12-17. Innova is a global (not TW-specific) trend house.
8 Eatsy 2025 Taiwan restaurant industry trends report (partners.eatsy.tech).
9 Worldpanel via foodNEXT 2026-01-31. Mirai/Worldpanel figures reached via secondary write-ups (Eatsy, foodNEXT) — flagged as 'via'. All sources accessed 2026-11-09.
S6
Who shows up — three Taiwan personas
Three data-informed archetypes¹ built from this project's income, density and store-supply tables, backed by cited consumer research — not stock-photo guesswork.
UNITED BY A LOVE FOR QUALITY FOOD, GOOD VIBES, AND MEANINGFUL EXPERIENCES
1 This repo's district datasets: 財政部 comprehensive income-tax statistics (household-level, NT$1,000/yr units) + store snapshot (2026-11-02) + 226-station metro layer. District-persona mapping is a data-informed archetype, NOT a sampled segmentation study.
2 Worldpanel by Numerator《2026台灣民生消費十大趨勢》via 食力 foodNEXT, pub. 2026-01-31.
3 Eatsy 2025 Taiwan restaurant industry trends report (partners.eatsy.tech).
4 經濟日報 2026-07-30. No stock photos used (deck rule) — icon/gradient cards only. All sources accessed 2026-11-09.
S7
Positioning — premium entry above mass sets, under local gourmet
Flagship burger-set price (NT$) vs market position. Taiwan's mass chains cluster at NT$98–220; single-store gourmet boutiques span NT$220–530 (now from collected menus, loop 45). The proposed Shake Shack band (NT$295 burger+fries → NT$440 with a shake) lands in the open premium corridor — the same play as the Thailand reference deck.
Mass · value
Premium · gourmet
Shake Shack NT$295–440 (proposed)5
Dan Dan 98
McDonald's 148
MOS 170
Burger King 194
KFC 213
Subway 220
Awesome 220–3007
Everywhere 3102
Rendezvous 257–4327
Taihu 330–4327
Comfort meal 4007
Selfish sets 420+3
Burger Ray ~528 ⚠4
100
200
300
400
500
Flagship burger-set price (NT$)1
Mass → Premium6
1 Mass-tier set prices: this repo's official-menu snapshot, analysis/results/meal_flagship_ladder.csv (retrieved 2026-11-02/04). Dan Dan combo = burger + drink only.
2 Everywhere Burger Club: smash burgers NT$310 à la carte, UberEats 2026-11-09 (no sets offered) — replaces the earlier ~NT$270 avg-spend estimate with collected menu data.
3 Selfish Burger 喀漢堡: collected UE/FP menu 2026-11-09 — burgers NT$280–510 + NT$140 'Set for One' → sets NT$420–650. Plotted at classic-set price 420.
4 ⚠ Burger Ray 個性漢堡: ~NT$528 set from a diner review (fonfood, undated); official online shop closed — low confidence, indicative only.
5 Shake Shack band NT$295–440 = THIS PROJECT'S DERIVED PROPOSAL (burger 190 + fries 105, + shake 145) from analysis/results/pricing_localization.csv (2026-11-08) — not an announced price. Shake Shack has no Taiwan presence as of Nov 2026.
6 Y-axis is qualitative: national footprint chains (McD 420+, MOS 295, KFC ~200, BK ~100 stores per repo snapshot & S3 research) = mass; single-store boutiques = premium.
7 New boutique points from loop-45 collected menus (2026-11-09): Awesome 220–300 (in-store board via wanteatfood 2026-10); Rendezvous 257–432 (UberEats); Taihu 啄飲室大安 330–432 (UberEats); Comfort Smash Bros meal 400 (UberEats). À-la-carte-only brands plotted at burger price — they offer no sets (flagged).
S8
Pricing benchmark — proposed Taiwan prices vs US · HK · JP · KR · CN · SG
ShackBurger / fries / shake across all five live Asia Shake Shack markets plus the US, converted to NT$ and US$ — now sourced from both official channels and delivery platforms (246 price rows, loop 46). The proposed Taiwan prices take the midpoint between straight-FX and Big-Mac-PPP translations of the licensed-Asia medians: hero burger priced for premium positioning, sides kept accessible.
| Market | ShackBurger | Fries | Shake | Burger ÷ local Big Mac |
|---|---|---|---|---|
| United States2 US$ | 7.69 NT$253 · US$7.69 | 4.49 NT$148 · US$4.49 | 6.39 NT$210 · US$6.39 | 1.24× |
| Hong Kong (IFC)3 HK$ | 62 NT$260 · US$7.91 | 29 NT$122 · US$3.70 | 47 NT$197 · US$5.99 | 2.43× |
| Japan4 ¥ | 1,012 NT$210 · US$6.39 | 594 NT$123 · US$3.75 | 792 NT$164 · US$5.00 | 2.02× |
| South Korea (SPC)5 ₩ | 9,200 NT$223 · US$6.79 | 4,900 NT$119 · US$3.61 | 6,900 NT$167 · US$5.09 | 1.61× |
| China (Maxim's)6 ¥ | 49 NT$243 · US$7.39 | 27 NT$134 · US$4.08 | 42 NT$208 · US$6.34 | 1.85× |
| Singapore (SPC)7 S$ | 11.40 NT$291 · US$8.87 | 6.00 NT$153 · US$4.67 | 8.90 NT$228 · US$6.93 | 1.53× |
| Taiwan — proposed8 NT$ | 190 NT$190 · US$5.78 | 105 NT$105 · US$3.20 | 145 NT$145 · US$4.41 | 2.44× |
Strategy
Hero near-US parity in absolute NT$ (US$5.78 vs US$7.69) yet clearly premium locally at 2.4× a Big Mac — matching HK's relative positioning (2.43×), above CN (1.85×) and SG (1.53×). Fries and shakes stay under KFC's full set price, keeping the shake attach — the category no Taiwan big-4 player offers (S3) — an easy add-on.
Delivery-channel signal
Where both channels were captured, Shake Shack pads delivery prices far less than Taiwan incumbents pad theirs: HK +11.3% and JP +12.6% delivery-vs-in-store, versus TW KFC +34%, McDonald's +32%, MOS +1.4% (this repo's menu dataset). A Taiwan launch can treat delivery as near-parity volume, not a margin tax.
1 Rows from analysis/results/pricing_localization.csv (2026-11-08) extended by analysis/results/ss_intl_core_items.csv (2026-11-09, 246 rows across 5 markets × official + delivery channels). NT$/US$ conversions use NT$32.85/USD (2026-11-09). Soft-drink prices not shown where not collected — no estimates.
2 US: menupricebook.com Shake Shack national price research (2026).
3 HK: OpenRice menu listing, Shake Shack IFC Mall (in-store). Delivery cross-capture: foodpanda Harbour City (fd-api v5, 2026-11-09) runs +11.3% above in-store.
4 JP: shima.bake-neko.net JP menu guide (2026-08-28) cross-checked vs shakeshack.jp. Delivery cross-capture: Uber Eats Roppongi/Tokyo Dome (JSON-LD, 2026-11-09) runs +12.6% above in-store.
5 KR: 23expo.com SPC Shake Shack Korea price table (2026-07), lineup cross-checked vs shakeshack.kr (site geo-blocked from TW; Baemin/Coupang Eats app-only).
6 CN: SECONDARY, DIRECTIONAL ONLY — winshang.com mall-opening coverage (2024-09, single ¥49; stale) + trip.com Shanghai reviews (double ¥68, cheese fries ¥34, shake ¥42). Meituan/Eleme and official site are app/bot-gated; excluded from markup math.
7 SG: foodpanda Junction 8 (fd-api v5, 2026-11-09) — DELIVERY-CHANNEL prices; shakeshack.com.sg publishes no prices. HK/JP delivery padding ran +11–13%, so in-store likely ~S$10.1–10.3 for the burger.
8 Taiwan row is THIS PROJECT'S RECOMMENDATION (midpoint of FX vs Big-Mac-PPP medians of HK/JP/KR), not an announced price. ×Big Mac = burger ÷ local Big Mac (Economist Big Mac index 2026-07: US$6.22 · HK$25.5 · ¥500 · ₩5,700 · ¥CN26.5 · S$7.45; TW NT$78 verified in repo menu snapshot — matches the index).
End of deck — 8 slides. Explore the data behind it on the Map, Analysis and Menu pages.