Prestige Holdings Limited will open the first Starbucks store later this year, after acquiring the license to operate the popular franchise in this country.
The announcement came via a statement by Wise Equities Limited.
CNC3 has acquired a copy of the statement:
"Prestige Holdings Limited (PHL) has been appointed as the licensee of Starbucks Coffee Company (NASDAQ: SBUX) for the Trinidad and Tobago market and plans to open the first store this year. This marks a tremendous achievement for Prestige Holdings as Starbucks stores will join their brand portfolio with KFC, Pizza Hut, TGI Fridays and Subway restaurants. For Starbucks Coffee Company, the Trinidad and Tobago market will represent the company’s 16th market in the Latin America and Caribbean region.
“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.”
Since launching the brand in Latin America, Starbucks has grown to over 940 stores across its existing 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 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.”
Since 1972, PHL has been at the center of Trinidad and Tobago’s business landscape providing customers with a one of a kind retail dining experience. PHL will be responsible for delivering the Starbucks iconic coffeehouse experience to customers and overseeing the brand’s growth in the market."