Tata Starbucks has taken up an aggressive expansion plan by adding more stores across the country in the current financial year compared to 30 stores opened last year, said a top company official.
According to a PTI report: Tata Starbucks is a 50:50 joint venture company between Tata Global Beverages and Starbucks Coffee of the US.
The premium coffee chain has expanded its footprint in India by entering Gujarat with five new stores in Ahmedabad and Surat on Wednesday.
“The company will open more stores in the current financial year compared to 30 last year, as it continues to look for opportunities to expand everywhere in the country,” Navin Gurnaney, the CEO of Tata Starbucks was quoted by PTI as saying.
With the opening of three stores in Ahmedabad and two in Surat, we will have 157 stores in ten cities across the country, Gurnaney said.
Two years ago, the company added 25 stores and last year it added 30 stores. “We will substantially exceed that number this year, and growth will continue to be very strong,” Gurnaney was further quoted by PTI as saying.
He said the company will remain aggressive in terms of expanding its presence in the coming years, by adding stores even in cities like Bengaluru, Hyderabad and Chennai where it has a significant presence.
The company is also constantly adding new products and innovating in terms of beverages.
We are looking at opportunities everywhere, including Gujarat. We are constantly adding new products. We have added 18 new food items in our stores in Mumbai and Pune, he said.
He said Gujarat stores will offer more vegetarian options than anywhere else in the country.
With coffee consumption growing in India, Tata Starbucks sees fantastic trajectory of growth, and will remain very bullish on India, he said.
The company had reported a 30 percent top-line growth in fiscal 2018-19, driven by new stores openings and improved performance.