The Czech specialty coffee chain, which is seeking to reach 200 stores across Europe by 2027, is forecasting at least 33% sales growth in 2023 as it scales across Prague and Barcelona
The Miners is planning to open 200 stores across Europe within the next three-four years | Photo credit: The Miners
The Miners has reported higher-than-forecast revenues of €2.3m ($2.5m) for 2022 and is planning to increase full-year sales to over €3.1m ($3.3m) in 2023.
Having opened its first store in Prague in 2019, The Miners now operates six outlets and a roastery across the Czech Republic and opened its first international store in Barcelona, Spain, in December 2022.
The Miners is planning to open 200 stores across Europe within the next three-four years and is seeking to support further expansion with the launch of its second funding round later this year, which it said will be a mix of debt financing and new capital.
In 2023, the Prague-based specialty coffee chain will start construction on 36 new outlets across Europe, comprising both company-operated and franchised stores.
Expansion will initially focus on opening a minimum of three further stores in Prague and a second outlet in Barcelona by the end of the year. The company also has a long-term goal of opening 40 stores across Spain.
World Coffee Portal research forecasts the total Czech branded coffee shop market will exceed 520 outlets by 2027, while the Spanish market is predicted to contract over the same period, reducing from more than 1,300 outlets to 1,246 by 2027.