Singapore-listed firm to open 250 new Starbucks outlets mainly in Vietnam, Thailand
Singapore-listed DFI Retail, which is taking control of the Starbucks-licensed business with 1,100 outlets across seven Asian markets, plans to add 250 new stores in the next three years, mainly in Thailand and Vietnam.
DFI Retail, a Singapore-listed firm, plans to open 250 new Starbucks outlets, primarily in Vietnam and Thailand, as its chief financial officer, Wu Kaizhi, confirmed to The Business Times. Maxim's Caterers, DFI Retail's joint venture with Hongkong Caterers, will be reorganized under DFI's full control, resulting in revenue and operating margin gains for the Group.
Euromonitor data reveals that Southeast Asia's coffee and tea market, valued at US$3.8 billion last year, is projected to expand at a compound annual rate of 5% through 2030. Thailand currently leads the region with 574 Starbucks outlets, followed by Vietnam with 156 stores. Coffeehouse penetration is comparatively lower in Thailand and Vietnam at 28-33 outlets per 100,000 residents, as opposed to 65 in Singapore and 45 in Hong Kong.
Andrew Wong, CEO of DFI Ikea and Starbucks business overseer, emphasized that Thailand and Vietnam will be the initial focus for the new outlets. DFI aims to maintain Starbucks' premium positioning, rather than competing through price, and seeks to attract customers throughout the day, not just in the mornings. The firm intends to broaden its menu offerings with matcha, chai, and functional drinks like protein beverages, while also introducing premium all-day snacks, savory foods, and grab-and-go options tailored to local tastes.
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