SEATTLE-Starbucks Coffee Co. is making its moves in Greece. This week, the locally-based coffee retailer signed a joint venture agreement with Marinopoulos Brothers to open retail locations in Athens and throughout the country. The first store is scheduled to open in Athens in the fall of this year.
“Starbucks is the brand with the highest potential in the specialty coffee sector. Together with our local market expertise, and the experience gained from our partnerships with such leading international companies as Carrefour, Sephora and Marks and Spencer, we have signed a very exciting deal today,” Panos Marinopoulos, Marinopoulos Brothers board director said in a news release.
In addition to Greece, Starbucks recently announced its plans to open its first stores in Germany and Spain. Starbucks celebrated the opening of its first store in Vienna, Austria, at the end of 2001, following the entry into its first continental European market, Switzerland, in March 2001.
Soon Beng Yeap, a Starbucks spokesman, tells GlobeSt.Com the size of each shop varies with each location. The company has a five-story Starbucks in Korea and small carts in the United States. He declined to discuss specific figures for opening stores.
The company has previously announced an aggressive growth strategy, intending to open 650 stores in Europe, 800 in Asia and 50 in Latin America by 2003.
“Greece represents one of the major strategic continental European markets for Starbucks,” says Peter Maslen, president of Starbucks Coffee International. “We are delighted with this significant development in our expansion plans for the region. Our continued strong performance in our European markets validates our ongoing belief of the enormous potential for expansion in the region.”
In early afternoon trading Thursday (Feb. 7), Starbucks was trading at $21.66, off $0.12 on the day, but well above its 52-week low of $13.46 and $4 off its 52-week high of $25.66.
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