Tata Starbucks has unveiled plans to significantly expand its footprint in India, aiming to grow its current count of 390 stores to a massive 1,000 stores by 2028. As part of an equal joint venture between the Tata Group and Starbucks, the company is set to accelerate its presence by opening a new store approximately every three days. This expansion strategy will extend to include tier-2 and tier-3 cities, a move signalling their intent to broaden accessibility across India.
Recognising India's position as a swiftly growing market and anticipated to be the world's third-largest economy by 2030, Starbucks is strategically doubling down on its commitment to India. In alignment with its ambitious growth plan, Tata Starbucks plans to amplify its workforce, aiming to double the number of employees to 8,600 by 2028.
The joint venture also has intentions to diversify its market presence by entering smaller Indian cities, enhancing drive-thrus, establishing a stronger presence in airports, and expanding the footprint of its 24-hour stores.
Laxman Narasimhan, CEO of Starbucks, emphasised the company's dedication to nurturing India's evolving coffee culture while cherishing its deep-rooted heritage. Highlighting their presence in India for the past 11 years, Narasimhan expressed enthusiasm for the immense opportunities presented in the country's burgeoning market.
"With a growing middle class, we are proud to help cultivate the evolving coffee culture while honouring its rich heritage," he said, adding that the company, which has been present in India for the last 11 years, is well positioned to capture "limitless opportunities".
The company's robust performance in FY23 saw a staggering 71 percent surge in sales, totaling Rs 1,087 crore, according to media reports. Looking ahead, Sunil D'Souza, CEO and Managing Director at Tata Consumer Products, envisions further developing India's coffee culture while showcasing unique Indian offerings on the global stage.
Tata Starbucks aims to support and empower women in India by providing vocational skills training for young women seeking careers in the food and beverage retail industries. Sushant Dash, CEO of Tata Starbucks, reaffirmed the company's commitment to its partners, emphasising continued investments aimed at creating a better future for all stakeholders.
(With PTI inputs)
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