Coffee Bean & Tea Leaf expands to Thailand
The Coffee Bean & Tea Leaf, the second-largest coffee chain in the US, recently opened its first two outlets in Thailand in a bid to increase exposure to Asia. With 300 stores in the US and 875 stores overall, the chain hopes to double the number of outlets in Asia, which already stands at 520, within the next five years. According to the company, the hardest part was to find the right partner to run the local operation. In the end, it decided to team up with Fico Corporation, a hotel and retail business operator and now expects to open up to 75 stores in Thailand over the next five years. The outlets will range from small kiosks to full-scale stores. The specialty coffee and tea retailer hopes to tap Thailand's growing appetite for gourmet coffee, a market expected to increase by over 10% next year.