Coffee Bean & Tea Leaf, the U.S. based coffee retailer, is reportedly planning to open 100 franchise outlets in New York by 2028. Reportedly, the retailer is expected to open its first store in Manhattan this year.
John Fuller, the CEO of Coffee Bean & Tea Leaf, was reported saying that the firm is looking to aggressively march through the rest of the U.S. in the ensuing years and the opening of the first store is just a step forward in its commitment for expansion.
According to reports, the coffee & tea chain has 311 stores in the United States and over 1200 stores in 30 countries worldwide. The company also had a dozen locations operating in the New York City, however they were closed in 2016 owing to some issues between corporate management and the franchisee.
Fuller further reported in a company statement that the Coffee Bean chains are poised to gain from the “Starbucks fatigue”. For the people who are bored of seeing a Starbucks outlet at most of the corners might like a change of place & taste as everybody wants to keep on trying something new, he added. This scenario will aid the retailer and other brands, say industry analysts.
If reports are to be believed, Starbucks, probably the world’s largest coffee chain plans to scale back more than 150 cafes in the U.S. next year, given the robust competition it is facing from emerging coffee houses & other low-priced fast-food chains. There couldn’t be a better time for Coffee Bean to expand in the city, cite experts familiar with the matter.
For the record, Coffee Bean & Tea Leaf was founded in 1963 and is unlike other U.S. based coffee chains as over 75% of its stores are in the Asia Pacific market, where companies like Starbucks have also started expanding to meet the ever-rising demand.