Fox Business News reported this January that Starbucks Corp. plans to open at least 45 new stores in Mexico real estate throughout 2013,thanks to the enormous potential the coffee company sees in what has become Latin America’s fastest-growing market. According to the report,Federico Tejado,who is the director of Starbucks Mexico,said the company also plans to continue opening at least 45 stores each year over the next four years.
“The market is there,and if we could open 200 stores this year,we would,” shared Tejado. “We do see an opportunity to continue growing at these levels,and if things continue at the current pace,perhaps a little more.”
In 2012,Starbucks reportedly opened 39 stores in Mexico,which boasts an annual per capita coffee consumption of 1.7 kilograms per person,which is an increase of around 700 grams compared to just ten years ago. Tejado expects sales to increase by as much as 15 percent this year and also stated that Starbucks will invest at least $40 million in its planned expansion.
The coffee giant has also made its Starbucks Gold card available to markets in Mexico,which provides consumers with free drinks and other bonuses,helping to stave off competition from other rival coffee shops. The company invested $4 million in its rewards program and plans to have at least 600,000 rewards members by the beginning of 2014.
“Tejado told Dow Jones the company’s coffee supplies in Mexico are safe from an unusually aggressive attack of the coffee-eating fungus roya,” writes Fox Business News. “He said Starbucks suppliers are ‘very well cared for’ and that the fungus has not yet created a problem for the company.”