Starbucks on way out as owners prepare to sell?
posted on 2nd July 2013
Starbucks may be on its way out of New Zealand. Restaurant Brands is closing unprofitable stores and preparing to put the business on the market next year, but it says it would only sell the brand as a group. A potential buyer would have to be approved by Starbucks in Seattle, or could presumably drop the Starbucks name altogether and re-brand. Buying the chain would offer instant and rapid growth for other New Zealand cafe operators, many of whom have outperformed Starbucks in recent years.
New Zealand coffee culture is "very sophisticated", Restaurant Brands' chairman Ted van Arkel told the company's annual meeting of shareholders in Wellington on Friday. "As New Zealanders, we have matured in our coffee tastes. It is hard going to go up against the local competitors."
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