03:42 PM EDT, 04/26/2024 (MT Newswires) -- Cava Group ( CAVA ) opened its first restaurant in Chicago with plans to expand in the Midwest, Bloomberg News reported Friday, citing an interview of Chief Executive Brett Schulman.

The company has witnessed more startups setting up shop in the region and its plan rides of expectations that people seeking cheaper costs of living will move back to the area, according to the report.

The executive did not announce any new cities, but said that the company is looking across the Midwest.

Cava ( CAVA ) shares were up more than 10% in recent trading on Friday.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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