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Starbucks Announces Plans to Enter Puerto Rico; First Store to Open in San Juan by the End of Summer of 2002
March 20, 2002
SAN JUAN, Puerto Rico--Starbucks Coffee International, a wholly owned subsidiary of Starbucks Coffee Company (Nasdaq:SBUX), and Puerto Rico Coffee Partners, LLC, today announced the signing of a joint venture agreement to open Starbucks stores in Puerto Rico.
The joint venture, Cafe del Caribe, LLC, will be managing the day-to-day operations in Puerto Rico, with the first Starbucks store scheduled to open in San Juan by the end of the summer.
"We take great pride in our partnership with Puerto Rico Coffee Partners, LLC, and establishing Cafe del Caribe for the Puerto Rican market," said Julio Gutierrez, president of Latin America, Starbucks Coffee International. "Cafe del Caribe not only has operational expertise, but also shares our business principles and people values. We are looking forward to the opportunity to build trust with our customers, inspire great coffee moments in our stores, and become an integral partner in the local community."
In addition to Puerto Rico, Starbucks recently announced its plans to enter Mexico by the end of this year and continues to explore opportunities in Argentina, Brazil, Chile, Colombia, Peru, and Venezuela.
"We are very excited about this opportunity to offer the unique and personal Starbucks Experience to the Puerto Rican market," said Dean McPhail, ceo, Cafe del Caribe. "We believe that our coffee house environment will complement the rich coffee heritage and coffee drinking tradition of Puerto Rico."
Since opening its first international store in Japan in 1996, Starbucks has successfully expanded into 24 international markets in the Asia Pacific, Europe and the Middle East. Starbucks plans to open its first stores in Germany, Spain and Greece later this year.
Puerto Rico Coffee Partners LLC is a division of Cafe Hawaii Partners. Cafe Hawaii Partners currently owns and operates 28 Starbucks Coffee stores in Hawaii and employs approximately 700 people.
Starbucks Coffee International is a wholly owned subsidiary of Starbucks Coffee Company, the leading retailer, roaster and brand of specialty coffee in the world, with more than 5,000 retail locations in North America, Europe, the Middle East and the Pacific Rim.
CONTACT: Starbucks Coffee Company Cindy Hoots, 206/318-7762 email@example.com http://www.businesswire.com/cnn/sbux.shtml NOD+ number is: 800/239-0317 or Fleishman-Hillard Puerto Rico Romy Toledo, 787/620-1400 firstname.lastname@example.org