Starbucks to open in Trinidad and Tobago, its 16th market in the Latin America and Caribbean region, through an exclusive licensing agreement with leading local restaurant operator Prestige Holdings Ltd.
PORT OF SPAIN, Trinidad and Tobago (Jan. 28, 2016) – Starbucks Coffee Company (NASDAQ: SBUX) today announced plans to open its first location in Trinidad and Tobago in 2016, representing the company’s 16th market in the Latin America and Caribbean region.
“We are proud to bring the Starbucks Experience to Trinidad and Tobago, marking a key milestone in our continued efforts to expand operations across the Caribbean,” said Ricardo Rico, Starbucks vice president for Latin America operations. “We look forward to opening our first store in the market and sharing our deep passion and knowledge of the best coffees from around the world.”
Starbucks stores in Trinidad and Tobago will be exclusively owned and operated by Prestige Holdings Limited (PHL), a leading restaurant management company in the Caribbean, which operates the KFC, Pizza Hut, TGI Friday’s, and Subway brands in the region, employing more than 3,000 employees across 112 locations. For over 40 years, PHL has been at the center of Trinidad and Tobago’s business landscape providing customers with a one of a kind retail experience. PHL will be responsible for delivering Starbucks iconic coffeehouse experience to customers and overseeing the brand’s growth in the market.
“We are pleased to be working with Starbucks and look forward to leveraging our expertise and knowledge of the market to deliver the Starbucks Experience to customers in Trinidad and Tobago,” said Charles Pashley, Chief Executive Officer of Prestige Holdings Limited. “Like Starbucks, we are committed to creating moments of connection for our valued customers by delivering a fantastic retail experience, high-quality products and world class operations.”
For more than 40 years, Starbucks has built its brand by delivering a consistent, authentic in-store experience to customers around the globe, rooted in high-quality arabica coffee, engaged and knowledgeable baristas, and a unique store experience. Since launching the brand in Latin America, Starbucks has grown to over 940 stores across 15 markets, 14 of which are operated by its trusted licensing partners. In the Caribbean, Starbucks licensees currently operate 33 stores across Aruba, The Bahamas, Curacao, and Puerto Rico, making Trinidad and Tobago its fifth market in the region.
“We see continued opportunities for growth in the Caribbean and collaborating with partners like Prestige Holdings is helping us leverage their proven market capabilities to create even greater value for both our customers and partners,” said Rico.
About Prestige Holdings Ltd.
Prestige Holdings Limited continues to enhance the restaurant experience across the Caribbean. Launching in 1972 in Trinidad and Tobago with KFC restaurants, our commitment to service excellence led to increasing our offering with Pizza Hut restaurants in 1994, TGI Fridays in 2001 and Subway restaurants in 2011. We value the individual experiences people share together in our restaurants and we continue our vision for the brands we share to be in the hearts and minds of our customers and team members.
Since 1971, Starbucks has been committed to ethically sourcing and roasting high-quality arabica coffee. Today, with stores around the globe, the company is the premier roaster and retailer of specialty coffee in the world. Through our unwavering commitment to excellence and our guiding principles, we bring the unique Starbucks Experience to life for every customer through every cup. To share in the experience, please visit us in our stores or online at www.starbucks.com.
For more information:
Alisha Damodaran, Global Communications
Starbucks Coffee Company
+1 (206) 318-7100