Starbucks eyes Brazil, Russia, India and Egypt
October 8, 2006
SEATTLE — If the company meets its projections and establishes locations in Brazil, Russia, India and Egypt by the end of calendar 2007, Starbucks will have a presence in 40 countries outside the United States.
According to a news release, the company's entrance into these three large markets will propel Starbucks International expansion toward meeting its long-term store potential of 20,000 global locations, up from its previous target of 15,000.
"Our international growth strategy balances accelerated development in line with the long-term retail potential of existing countries, while entering several promising new markets," said Martin Coles, president of Starbucks Coffee International. "
Through a joint-venture partnership with M.H. Alshaya, Starbucks is planning to enter the African continent with its first location in Cairo, Egypt, by the end of 2006. With consumerism on the rise and a growing middle class, Egypt presents an exciting retail opportunity for Starbucks, the company said.
The company also plans to open its first store at Shopping Morumbi in Sao Paulo, Brazil, by the end of 2006.
In India, Starbucks is negotiating the terms of a joint venture and will make an announcement once a definitive agreement has been signed.
