Starbucks plans to open 100th store in Vietnam this year

According to Patricia Marques, CEO of Starbucks Vietnam, the US coffee chain has been enjoying strong development in the country and will hold a ceremony to mark the opening of its 100th local store. She also revealed the company will move forward with plans to open more sites in Vietnam in the future.

Starbucks initially joined the Vietnamese market by opening its first shop in Ho Chi Minh City in February, 2013, through a franchise contract signed between Starbucks and Y Tuong Viet Food and Drink Company, a subsidiary of Maxim’s Group of Hong Kong (China).

Currently, Starbucks has 87 outlets spread across seven cities and provinces nationwide, with 800 staff and more than 200 coffee masters employed by the company.

According to the CEO, Starbucks will strive to boost the localisation of stores as part of its business strategy in Vietnam as a means of turning Starbucks stores into the third destination for local people, behind only their home and their place of work.

Marques stressed that the company will continue to open more stores throughout the country and will seek for further business opportunities in other new cities and provinces.

Most recently, Starbucks opened a new store in Hoi An on December 9, marking a step into one of the country’s most historically-significant areas.

The CEO also revealed that Binh Duong and Quy Nhon can also be considered as potential markets as part of the company’s expansion strategy.

She shared that while there remains a lot of vacant space, it will not be easy for food and beverage businesses to find satisfactory locations at a reasonable price.

Citing data compiled by a partner, she said the rent of commercial premises in Vietnam had increased by 3%, while decreasing by 10% in Singapore, Hong Kong (China), Thailand, Cambodia, and Laos.

Overall, the firm made consolidated revenue of US$29.1 billion in the fiscal year 2021, which ended in the third quarter of 2021, up 24% against 2020.

In the fiscal year 2022, the brand’s global earnings reached US$32.3 billion with future plans to open about 2,000 new outlets globally, mostly outside the US.