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New Signs That Shake Shack Has Lost Its Buzz

Shake Shack’s new openings aren’t generating the kind of excitement they once did, says one analyst.

For years after the Shake Shack opened in New York’s Madison Square Park, people would wait on lines of 100 or more people just to get a burger. That unflagging demand proved that the concept was an enormous success, and helped inspire Danny Meyer to expand.

There’s no way to sustain that level of excitement. Invariably, the lines wouldn’t continue to be that long. But a recent Shack opening shows just...