Starbucks to open its 10 new stores in the coming 2 months
Starbucks and Tata Global Beverages of the US is a 50:50 joint venture, they are in a race to achieve its count to 145 outlets with the end of this year, therefore, they have decided to open its 10 news stores, said a top company official.
The premium coffee chain is increasing the number of rollouts 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. 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,” said TGBL Group CFO L Krishnakumar
Tata-Starbucks has recently started food delivery through online food aggregator apps like Swiggy.
The JV has reported around 30 % growth during the October-December quarter of this year.
Krishnakumar, although refused to share the current revenue, said: “On run rate, we would be somewhere between Rs 400 crore to Rs 500 crore”.
Tata Starbucks sources more than 90 per cent 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 perspective. There is some premium coffee which has been launched in the Starbucks store in different parts,” he added.
Starbucks entered India with the opening of its first store at Horniman Circle in Mumbai in 2012.