Starbucks to add around 10 stores this fiscal
Tata Starbucks, a 50:50 joint venture between Tata Global Beverages and Starbucks Coffee of the US, is planning to add up to 10 new stores in the next two months, taking the total count to around 145 outlets, said a top company official. The premium coffee chain is increasing the number of roll outs as it is getting overall good consumer response, said Tata Global Beverages (TGBL).
“We currently have around 136 stores and we would open another between 5 to 10 stores by the end of the year (fiscal). We have seen an increase in the store roll out. We look at activating more stores roll out in the next few years, what we have seen in the past,” TGBL Group CFO L Krishnakumar told.
Tata-Starbucks has recently started food delivery through online food aggregator apps like Swiggy.
The JV has reported around 30 percent growth during the October-December quarter of this fiscal.
Krishnakumar, although refused to share the current revenue, said: “On run rate, we would be somewhere between Rs 400 crore to Rs 500 crore”.
All Tata Starbucks stores are operated by the company itself.
Tata Starbucks sources more than 90 percent of the coffee from Tata Coffee.
TGBL has introduced some of its premium coffee in the US and some other market by leveraging Starbucks relationship beyond India.
“From value-wise its not significant but important from a brand prospective. There are some premium coffee which have been launched in Starbucks store in different parts,” he added.
Starbucks entered India with the opening of its first store at Horniman Circle in Mumbai in 2012.