Starbucks has entered the Guyanese market with local licensee Prestige Holdings Ltd as part of plans to open around 120 new stores in Latin America and the Caribbean by the end of 2023
Starbucks' first store in Guyana features rainforest-inspired interior design | Photo credit: Starbucks
Starbucks has made its debut in Guyana with a store in Amazonia Mall near the capital city of Georgetown. Opened in partnership with licensee Prestige Holdings Ltd, the the 2,475sq ft drive-thru equipped outlet marks Starbucks’ 85th market globally and its 23rd in Latin America.
It also forms part of Starbucks’ wider expansion plans for Latin America and the Caribbean, where it plans to open around 120 stores
by the end of 2023.
In March 2023, the Seattle-based coffee chain reached 1,600 stores across the region with its first drive-thru store in the Dominican Republic
“Building on more than 20 years of retail operations in Latin America and the Caribbean and alongside our business partner Prestige Holdings Limited, we are honoured to have the opportunity to bring the Starbucks Experience to local customers with the opening of our first store in Guyana,” said Tom Ferguson, Starbucks president of Latin America and the Caribbean.
Prestige Holdings has managed Starbucks stores in Trinidad & Tobago since 2016 and operates 15 stores across the Caribbean dual-island nation.
“Together with our local Guyanese green apron partners, we are excited to introduce the Starbucks brand in Guyana. It will bring a new coffee shop experience to customers within the region, as well as positively impacting the Guyanese community by providing employment opportunities and boosting the local economy,” said Simon Hardy, CEO, Prestige Holdings.
Starbucks has previously described the Latin America and Caribbean market, which it first entered in 2002, as ‘integral’ to its business and a key part of its international growth strategy.
The Seattle-based coffee chain, which operates nearly 35,000 stores worldwide, has set a target to reach 50,000 outlets by 2030.
Starbucks full-year 2022 revenues grew 11% to reach $32.25bn. In March 2023, the business reiterated its full-year 2023 targets of 11% revenue growth and 7% outlet growth globally.