The iconic Chicago-area hot dog chain Portillo’s will open a restaurant on Michigan Avenue, south of the Chicago River.
The Oak Brook-based company didn’t give an opening date for the location at 304 N. Michigan Ave. But the news marks renewed focus on Portillo’s home market, where the brand renowned for Chicago-style hot dogs and Italian beef sandwiches has a loyal following. It was founded in 1963 as a hot dog trailer in Villa Park and has grown to a national chain.
“Chicago is where the Portillo’s story began, and opening in the heart of the city is not only an incredibly proud moment for our brand, but also a recognition of how important Chicagoans are, not only to our history, but to our future,” Portillo’s CEO Brett Patterson said in a Friday news release.
The Michigan Avenue location will be the fourth Portillo’s restaurant in Chicago and the 45th in the Chicago area. The opening will give a boost to the Loop, which has struggled with retail and commercial vacancies after the COVID-19 pandemic.
The 5,500-square-foot restaurant will have nearly 100 seats and offer dine-in and takeout, the company said. It’s one of Portillo’s smaller format restaurants that is part of a strategic reset the company announced last fall.
After private equity firm Berkshire Partners bought Portillo’s in 2014 and the company went public in 2021, Portillo’s accelerated nationwide expansion. It has more than 100 restaurants in 11 states including Texas, Georgia, Arizona and Florida.
But business has flagged and former CEO Michael Osanloo resigned in September after seven years at the helm. Patterson was named CEO in February. Portillo’s has acknowledged challenges with gaining traction in new territory.
Revenue for fiscal year 2025, ended Dec. 28, rose 3% year-over-year to $732.1 million, due primarily to recent restaurant openings. But same-restaurant sales, or those open for at least 24 months, fell 0.5%. Net income was $21.1 million, compared to more than $35 million in 2024.
In fourth quarter 2025, revenue was $185.7 million, compared to $184.6 million the previous year. Net income fell more than 49% to nearly $6.3 million, compared to $12.4 million in fourth quarter 2024.