"Since our first international store opened in Japan in August 1996, we have demonstrated the power of the Starbucks brand and the relevancy of our in-store experience to consumers worldwide," Howard Schultz, Starbucks chairman and chief global strategist, said in announcing the news. "We embarked on a growth plan to build a global company and today we are recognized as one of the leading brands worldwide."
Starbucks (Nasdaq:SBUX) has more than 1,000 locations in 24 countries outside of the United States. Mexico makes for the first Latin American venture.
In addition to Mexico, Starbucks is proceeding with its strategic plans for the Latin American market and is exploring opportunities in Argentina, Brazil, Chile, Colombia, Peru, Puerto Rico and Venezuela.
Starbucks also intends to expand into Indonesia with its local partner, PT Mitra Adiperkasa. In continental Europe, the first Starbucks stores in Spain and Germany have been scheduled for opening in the middle of this year, followed by Greece by the end of the year. The Company also will highlight its first store in Oman, which opened in January.
The cost, size and location of each Starbucks facility varies with each international market, according to a company spokesman. He declined to be more specific.
As of early afternoon trading Tuesday, Starbucks stock was trading at around $21.96, up from its 52-week low of $13.46 and down from its high of $24.53.
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