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Monday, May 27, 2024

Starbucks plans to open 100 new UK sites in Europe expansion

Starbucks plans to open 100 new UK sites in Europe expansion

The company reveals an investment in its UK operations in a move that will be seen as a firm commitment to its largest European market.
Starbucks has announced plans to open 100 new stores in the UK over the next 12 months as part of a Europe-wide investment programme.

The US coffee chain, which already has just over 1,000 sites in the country, said it was also aiming to complete a refurbishment of its store estate over the next three years as part of the £30m investment.

The new stores were expected to build on success in Drive Thru and digital channels.

The company's announcement will be seen as a firm commitment to its UK business, its largest within Europe and which is dominated by franchisees, after it considered a sale last year.

It revealed the investment while reporting that sales had recovered to pre-pandemic levels during its financial year to 22 October.

Starbucks said total revenues were 37% up on the same period a year ago at £449.3m - though operating profits slipped by almost a third to £12.6m.

It explained that staff pay increases and other inflationary pressures were largely responsible and left profit before tax at £10.4m compared to £13.3m 12 months previously.

It paid £4.6m in corporation tax, down from £5.4m.

Duncan Moir, president of Starbucks Europe, Middle East and Africa (EMEA), said: "Innovation remains key to Starbucks ability to meet our customers' changing needs and we're investing in our digital channels and developing new store formats such as digitally forward smaller stores and Drive Thrus.

"Whilst we are cautious about the macro-economic environment, we will continue to invest to grow the region this year."

Its plans included 300 new stores across the EMEA region "to continue this growth momentum", he added.

Starbucks has a total of 1,066 stores in the UK, of which 318 are company-owned and 748 run by licensees.
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