Shake Shack Inc owns and operates or licenses nearly 100 Shake Shack restaurants. Most restaurants are in the United States, and the company owns and operates almost all of its United States locations. The company has many restaurants outside of the United States--mostly in the Middle East--that are all operated by third parties via licenses. Licensees pay Shake Shack licensing fees, territory fees, and store opening fees. Licensing fees are based on a percentage of licensees’ sales; territory fees provide exclusive territorial rights for licensees.