Starbucks planning to expand to 1,000 Indian stores by 2028
Starbucks, a global coffeehouse giant, has unveiled its ambitious plans to significantly bolster its presence in India. CEO Sushant Dash, in a conversation with CNBC-TV18, shared the company's goal to more than double its current store count of 410 to 1,000 by the year 2028. This expansion strategy includes breaking into new markets, and strengthening its foothold in existing ones.
Capitalizing on India's budding coffee market
While coffee consumption in India currently stands at a modest 25%, Dash views this as an untapped opportunity to carve out and nurture a new segment within the beverage industry. He attributes the relatively low coffee consumption to India's traditional preference for tea, but observes a growing shift toward coffee-based beverages like frappuccinos. Dash is confident that this emerging trend offers Starbucks an excellent opportunity to broaden its reach in the country.
Rapid growth and workforce expansion at Starbucks
Over the past two and a half years, Starbucks has experienced swift growth, nearly doubling its number of stores during this time. The coffee chain now has outlets in 60 cities across India, including a recent addition in Varanasi. In line with this rapid expansion, Dash disclosed plans to double their current workforce of 4,300 partners to approximately 8,600-8,700.
Innovative food offerings and reserve stores
Starbucks is set to revamp its food offerings, which currently contribute around 17-18% of total revenues. Dash also revealed plans to inaugurate two reserve stores between Mumbai and Delhi within the next year. This follows a year where the company opened one store every five days; now, they aim to open one store every three days. This ambitious goal underscores the company's aggressive expansion strategy in India.
