Starbucks continues to brew positive change with new community stores in Asia

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November 16, 2023

Starbucks has opened a multitude of new community stores in Asia.

In Korea, Starbucks inaugurated its Community Store Jeju Sehwa Drive-Thru branch situated in Gujwa-eup, Jeju City, in early November.

A part of the cafe’s earnings will be contributed to the K-Green Foundation, aiming to assist the local community and promote increased awareness of sustainable practices.

In February 2023, Starbucks Korea organized a competition in collaboration with the Korea National Council on Social Welfare to identify programs for support through Community Stores. The K-Green Foundation emerged as one of the chosen nonprofit organizations (NGOs) selected by Starbucks partners and customers.

Within the framework of the Community Store program, Starbucks Korea will partner with the NGO to implement environmentally friendly initiatives that involve the local community, generate economic opportunities in Jeju, and launch campaigns promoting sustainable practices throughout Korea.

To mark the inauguration of the new Community Store, Starbucks Korea officially entered into a partnership agreement with the K-Green Foundation at Starbucks Jeju Sehwa Drive-Thru. The signing ceremony was graced by the presence of Ryan Sohn, CEO of Starbucks Korea, Teayoung Jung, director of the K-Green Foundation, and Starbucks Korea partners.

Under the terms of the agreement, Starbucks Korea will contribute up to KRW 100 million ($76,000) annually, derived from a percentage of the café’s revenue. This donation will aid a range of environmentally conscious initiatives, encompassing volunteer activities for Starbucks partners and customers, workshops focused on the environment, the upcycling of Starbucks coffee bean packaging, and the generation of additional economic opportunities for marginalized groups within the local community.

Meanwhile, Starbucks achieved a milestone in Vietnam as it opened its first Community Store in the country.

The focus of the Community Store is to aid youth vocational education in Vietnam, with VND3,000 ($0.12) from each beverage sold at the store allocated to training programs in collaboration with the nonprofit partner, REACH, for the upcoming three years.

As per Starbucks, the Community Store is integral to a worldwide initiative aimed at fortifying communities, fostering economic opportunities, and making a positive impact through collaborations with local nonprofit organizations.

The Starbucks Nguyen Huu Huan Community Store will endorse REACH, an organization dedicated to offering vulnerable youth vocational training, skills development, and employment opportunities, paving the way for a brighter future for them and their families.

Supported by grant funding from The Starbucks Foundation, Starbucks Vietnam initiated a partnership with REACH in conjunction with The Asia Foundation in 2016. This collaboration aimed to deliver vocational training, career guidance, and job placement services within the food and beverage industry (F&B) for young individuals in Vietnam. Starbucks Vietnam partners actively volunteered to mentor youth, and they plan to persist in volunteering for future cohorts with REACH.

Introduced in 2011, the Starbucks Community Stores were established to collaborate with organizations with a demonstrated track record of fostering advancement in disadvantaged communities. In addition to financial contributions, Starbucks frequently shared its business expertise to assist these groups in fulfilling their mission. This involved providing strategic technical and management assistance, collaborating on community service projects, and working with these organizations to bolster their job training and placement efforts.

Costa Coffee unveils its first plant-based ready-to-drink Oat Latte

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November 16, 2023

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Costa Coffee has unveiled its first plant-based Ready-to-Drink (RTD) product.

Exclusively debuting in more than 500 Tesco stores across the UK, the 750ml Oat Latte blends the distinctive, aromatic notes of Costa Coffee’s Signature Blend with velvety oats.

Costa Coffee’s Head of FMCG UK&I, Mark Cumming, stated that the creation of the new beverage was informed by crucial research indicating that consumers favor oat milk in coffee, highlighting creaminess as the primary factor driving the preference for oat-based options.

“We are excited to introduce our 750ml Oat Latte, a product that demonstrates our ongoing commitment to innovation in our RTD range. We understand that consumers today seek not only great taste but also products that align with their lifestyle or dietary requirements,” Cumming said.

The introduction is a strategic move by Costa Coffee to capitalize on the continuous diversification of the Ready-to-Drink (RTD) coffee segment. This evolution is characterized by the introduction of novel flavors, functionalities, and formats, aiming to position Costa Coffee as the fastest-growing major brand in the RTD coffee market.

Established in 1971 in London by Italian siblings Sergio and Bruno Costa, Costa Coffee has a global presence, spanning 45 countries. It boasts over 2,800 coffee shops in the UK & Ireland and 1,300 establishments worldwide.

Tim Hortons set to debut in Singapore with first cafe at VivoCity

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November 16, 2023

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Canadian coffee brand Tim Hortons is poised to make its debut in Singapore with the grand opening of its first cafe at VivoCity on November 17th.

The café will showcase a range of iconic menu offerings, featuring signature coffee beverages crafted from 100% Premium Arabica Beans. Additionally, patrons can indulge in a diverse selection of freshly prepared sourdough melts and baked goods, including the internationally adored bite-sized doughnuts referred to as Timbits.

Earlier this year, the Japanese conglomerate Marubeni Corporation disclosed its entry into an exclusive agreement with Tim Hortons Asia Pacific Pte. Ltd. through its wholly-owned Singapore-based subsidiary, Marubeni Growth Capital Asia Pte. Ltd. This collaboration aims to introduce the Tim Hortons brand to the Singaporean market.

“We are delighted to introduce the Tim Hortons brand in Singapore. We firmly believe that fundamental consumer trends fuel the coffee, food and beverage sector, and we are committed to establishing a lasting and sustainable presence in the region, hand in hand with our valued partners,” said Bharat Sarma, President and Senior Managing Director, Marubeni Growth Capital Asia.

Following the VivoCity launch, Tim Hortons has already set its sights on opening outlets in Nex, One Raffles Place, and Suntec City.

General Atlantic set to become majority stakeholder in Joe & the Juice with $600M deal

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November 16, 2023

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General Atlantic, a private equity firm headquartered in the United States, has finalized a deal to expand its ownership in Joe & the Juice, a Denmark-based company known for its juice bar and coffee concept.

While the specific financial terms of the agreement were not disclosed by the companies, a Financial Times report suggests that the deal’s estimated value could be around $600 million.

General Atlantic acquired the extra stake in the company from Valedo Partners, which has agreed to completely divest its investment in Joe & the Juice.

In 2013, Valedo Partners secured a 90% controlling interest in Joe & The Juice. The founder of the chain, Kaspar Basse, retained the remaining 10% stake, as reported by the World Coffee Portal.

In 2016, General Atlantic initially obtained a minority interest in the juice bar and coffee concept through a strategic minority growth investment.

Upon completing the latest transaction, General Atlantic will become the majority stakeholder of Joe & the Juice.

General Atlantic managing director and consume global head Andrew Crawford said, “As a long-term partner to Joe & the Juice, General Atlantic is proud to become a majority investor in the brand and continue our collaboration with the management team.

“Joe & the Juice’s business momentum is inflecting and we are excited to build on the Company’s digital traction and accelerate company-owned and franchised unit growth.”

The agreement will enable Joe & the Juice to accelerate its plans for international expansion.

Joe & the Juice intends to allocate a portion of General Atlantic’s investment to both debt reduction and the expansion of its store presence in emerging overseas markets, including the UK, Europe, the Middle East, Asia, and Latin America.

At present, Joe & the Juice runs a network of over 360 stores spanning across 18 countries.

Joe & the Juice CEO Thomas Noroxe said, “We are delighted to have General Atlantic’s expanded commitment to Joe & the Juice. Over the past seven years, General Atlantic has demonstrated a true dedication to collaboration as we have worked together to achieve our growth aspirations.

“As we make strides into our next chapter, we look forward to bringing Joe & the Juice to more customers globally through our focus on geographic expansion, franchising and a seamless omni-channel experience.”

The transaction is anticipated to be finalized in the fourth quarter of 2023, pending the fulfillment of standard closing conditions and regulatory approvals.

British supermarket giant Asda struggles to keep pace with rivals following 2.8% Q3 sales rise

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November 16, 2023

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On Tuesday, Asda, the third-largest supermarket group in Britain, reported a 2.8% year-on-year increase in its underlying sales for the third quarter. This marks a significant deceleration compared to the 9.6% growth recorded in the preceding quarter and represents an underperformance relative to its larger competitors.

The supermarket, which is owned by Zuber and Mohsin Issa along with the private equity group TDR Capital, disclosed a revenue of £5.4 billion ($6.7 billion) for the three months ending in September.

Asda reported a 3.2% increase in like-for-like food sales, but experienced a decline of 3.4% in clothing and general merchandise sales. Similar to other retailers, Asda attributed this dip to the adverse effects of unseasonable weather during this period.

Last week, Sainsbury’s, the second-largest player, reported a 6.6% rise in underlying sales for the second quarter ending on September 16. Moreover, market leader Tesco disclosed an 8.4% increase in like-for-like sales for the second quarter in the UK during October.

Throughout this year, monthly industry data has consistently indicated that Asda is not performing as well as its competitors.

Asda also announced the repayment of a £200 million loan facility, which was initially utilized for the acquisition of the Co-op’s convenience stores and forecourts business last year.

“Asda has a sustainable capital structure, strong cash generation and clear strategy to deleverage over time, as the early repayment of the loan facility used to acquire the Co-op business demonstrates,” finance chief Michael Gleeson said.

Last month, Asda concluded the acquisition of the majority of the UK & Ireland business from petrol forecourt operator and retailer EG Group, amounting to an enterprise value of £2.07 billion.

As part of its strategy to enhance its presence in convenience stores, Asda aims to deploy Asda Express stores across EG’s 356 locations in the UK.

The Issa brothers and TDR are also the owners of EG.

Aldo expands presence in India with grand opening of 4th store in Hyderabad, marking 66th outlet in the country

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November 16, 2023

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On Wednesday, Apparel Group India, the franchise operator for the Canadian footwear brand, revealed in a LinkedIn post that Aldo has inaugurated a new store in Hyderabad.

“We’re thrilled to announce Aldo’s new store at L&T Next Premia Mall, Irrum Manzil. This is the brand’s 4th store in Hyderabad and the 66th store in India!,” Apparel Group India said in a LinkedIn post.

Founded in 1972 as Aldo Shoes, Aldo began as a footwear retailer. The company opened its first store in 1987, located in Montreal, Canada.

The company, headquartered in Montreal, offers a range of footwear for both men and women. Additionally, it distributes its shoes in India through the e-commerce site Aldo.in.

As per information available on its website, the company currently operates close to 3,000 stores across 100 countries worldwide.

Last month, the brand celebrated the opening of two new stores at the Mall of Asia in Bengaluru, bringing the total count to 11 stores in the city.

Auric redefines snacking, launches nutrient-rich, Baked Noodles in exciting flavors

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November 16, 2023

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In a groundbreaking move, Auric, a wellness-focused company, has introduced a revolutionary snacking option – Baked Noodles. Deepak Agarwal, the Founder & CEO of Auric, recently shared the exciting news on his LinkedIn, highlighting the company’s commitment to offering healthier alternatives in the popular and expansive noodle market.

Noodles, a beloved snack in many households, holds a special place in the hearts of many, often associated with cherished memories. However, a startling revelation about the conventional noodle-making process has prompted Auric to rethink the traditional method.

Agarwal, in his post, pointed out that most noodles, including the iconic Maggi, undergo deep frying in oil before being packed. This process adds significant amounts of oil and cholesterol to the product, factors often overlooked by consumers.

Aiming to address this concern and offer a healthier alternative, the team at Auric decided to innovate by introducing a noodle with Zero Oil, Zero Cholesterol, Zero Maida (refined flour), and Zero MSG. The key to this transformation lies in the replacement of frying with baking and swapping out Maida with nutrient-rich millets.

Auric Baked Noodles is not just a snack; it’s a nutritious choice made from foxtail millet flour, bringing Ayurvedic principles to snacking occasions. The product aligns with the Ayurvedic lifestyle (Sattvik) by focusing on herbs, purity, and health.

With 40% millet content and 50% more protein than traditional noodles, Auric Baked Noodles offer a range of health benefits. They have a low glycemic index, making them suitable for diabetes management, and contribute to heart health through anti-inflammatory properties. The absence of maida supports healthy cholesterol levels, making it a conscious choice for consumers.

The three exciting flavors – Italian Cheese & Herbs, Mexican Peri Peri, and Chinese Schezwan – promise a symphony of taste, challenging the conventional expectations associated with instant noodles.

As health-conscious consumers seek alternatives to traditional snacks, Auric Baked Noodles emerges as a nutritious and flavorful option, challenging the norms of the noodle market. With its commitment to purity, Ayurveda, and innovative snacking, Auric is set to redefine the way people indulge in their favorite instant noodles.

Starbucks heightens focus on rapid expansion and affordability in India amidst rising competition

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November 16, 2023

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Starbucks is intensifying its focus on rapid expansion and affordability in the Indian market, according to Sunil D’Souza, the managing director of Tata Consumer Products. Operating the world’s largest coffee retail brand in the country, Tata Consumer Products is witnessing increased competition in the coffee cafe chain market, with at least half-a-dozen new players entering the scene.

“In India, we do see heightened competition, but I would say we should not miss the woods for the trees. We are focused on how quickly we can expand the footprint of Starbucks in an affordable manner,” stated D’Souza.

The Indian division of the Seattle-headquartered coffee retailer, contending with Costa Coffee, Cafe Coffee Day, Barista, and emerging competitors like Pret a Manger, Tim Hortons, Third Wave, and Blue Tokai, manages a network of 370 stores across 49 cities in India.

In the current fiscal year, Starbucks plans to increase its store count by 80-100 outlets, marking a considerably accelerated pace of expansion compared to previous periods.

“Every year, we see this (cafe) space expanding. Coffee is growing and tea is flat lining. So there is space for substantially more outlets than what exists today in the medium to longer term,” said D’Souza.

During the fiscal year 2022-23, the collaboration between the Tata Group and Starbucks achieved its most rapid expansion to date, with the opening of 71 new stores.

In June, Starbucks responded to heightened competition and aimed to capture a larger market share in tier-2 and 3 markets by introducing smaller-sized, more affordable beverages.

Café chains in India are experiencing a faster growth rate compared to quick-service restaurants (QSR), driven by the increasing demand from younger, aspirational consumers. According to a Statista Research report, the coffee cafe franchise market in the country is valued at ‘4,500 crore, with an annual growth rate of 8-9%.

In the post-earnings management commentary, Tata Starbucks identified India as one of its key growth markets, having surpassed 1,000 crore in sales during the fiscal year 2022-23.

“It’s about how fundamentally, out-of-home coffee consumption is going to continue to power up. This is happening as the GDP grows, as disposable incomes grow and consumers start to become more aspirational,” D’Souza said.

The coffee market is outpacing the growth of tea nationwide, a trend observed not only in major metropolitan areas but also in smaller markets. Brands are strategically targeting both smaller cities and large metros. Investors are showing confidence in this trend, as evidenced by significant funding rounds for new cafe chains. In January, Blue Tokai Coffee Roasters secured $30 million in funding led by A91 Partners, while Third Wave Coffee Roasters raised $20 million from WestBridge Capital last year.

Starbucks is also setting up stores on highways, in response to the “mindset of people when they are driving”, said D’Souza. “There is a lot of traffic that comes to highway stores. So from a P&L (profit and loss) perspective, it makes a lot of sense…”

Punjab Grill continues expansion, unveils new restaurant in Delhi’s Defence Colony

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November 16, 2023

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Punjab Grill, renowned for its exceptional North Indian culinary offerings, is swiftly expanding, unveiling its newest location in Defence Colony, Delhi.

The expansion underscores the robust demand for genuine Punjabi flavors in the city center. Adding to the excitement, additional outlets are scheduled to open later this year, firmly establishing Punjab Grill’s culinary footprint in Delhi.

“We are excited to bring the quintessential flavors of Punjab to Defence Colony. Our commitment to quality ingredients and time-honored cooking techniques ensures that every dish we serve is an authentic culinary experience. We look forward to welcoming both our loyal patrons and new guests to our latest outlet,” shared Rohit Aggarwal, Co-Founder and Managing Director of Lite Bite Foods.

The newly launched Punjab Grill establishment in Defence Colony sets a new standard for dining, appealing to patrons of various age groups. Combining contemporary aesthetics with the comforting embrace of traditional Punjabi culture, this restaurant delivers an extraordinary culinary experience.

Punjab Grill seamlessly combines tradition and innovation in its diverse menu, featuring succulent kebabs like Dahi Ke Kebab and Chicken Malai Tikka, flavorful curries such as Butter Chicken and Dal Punjab Grill, a variety of bread options including Laccha Paratha and Garlic Naan, and delightful desserts like Gulab Jamun.

Punjab Grill has consistently delivered an exceptional dining experience and is dedicated to upholding its reputation at the new Defence Colony location.

India resumes basmati rice exports with 500,000 metric tons deal amidst price adjustments

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November 16, 2023

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India inked deals to export approximately 500,000 metric tons of freshly harvested basmati rice, capitalizing on strong demand from leading purchasers in Europe and the Middle East, according to traders’ reports on Wednesday.

Every year, India ships over 4 million tons of basmati, a premium long-grain variety renowned for its fragrance, to countries such as Iran, Iraq, Yemen, Saudi Arabia, the United Arab Emirates, and the United States, among others.

Rice holds a significant market share in Europe as well.

In June, India implemented a ban on the export of non-basmati white rice to stabilize domestic prices. Subsequently, in August, the country established a floor price, also known as the minimum export price (MEP), setting it at $1,200 per ton for overseas sales of basmati.

Nevertheless, due to the impediment posed by the floor price on the export of the premium variety and the burden it placed on farmers dealing with substantial stocks of newly harvested rice, the government opted to reduce the floor price for basmati exports to $950 per ton last month.

Following the decision in August, trade ground to a halt, but according to traders, the reduction in the floor price has revitalized the basmati rice trade.

“There’s been a great deal of interest in India’s new basmati rice crop and so far we have signed export contracts for around 500,000 tonnes,” said Prem Garg, president of the Indian Rice Exporters Federation.

“Normally we start getting orders for the new crop in September and October but the MEP of $1,200 a metric ton made it difficult for us to sign any deals,” he said.

According to two exporters, including Garg, Indian traders have finalized basmati export agreements ranging from $1,000 to $1,500 per metric ton.

Vijay Setia, a prominent exporter from Haryana, a major basmati rice-producing state in the north, noted that Turkey, Iraq, and Saudi Arabia have emerged as the primary purchasers of the rice this year.

“Despite the MEP of $950 a metric ton, it looks like we’ll be able to export our usual annual volume of around 4 million metric tons,” Garg said.

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