Starbucks Vietnam closes its only premium store in Ho Chi Minh City

Notice of closure on the official fanpage of Starbucks Vietnam - Photo: Starbucks Vietnam Fanpage

Starbucks Reserve Han Thuyen is the first and only Reserve store in Ho Chi Minh City of the American coffee brand, introducing premium coffee flavors prepared by coffee masters.

In 2021, Starbucks Vietnam also closed the store with one of the most prime corners in Ho Chi Minh City at the REX Hotel near Nguyen Hue walking street.

Currently, Starbucks only has one Reserve store left on Nha Tho Street, Hanoi.

The news of the closure of Starbucks Reserve Han Thuyen location quickly attracted the attention of many people as this place is associated with many memories of regular customers.

During its operation, this place is always crowded with tourists and coffee connoisseurs thanks to its additional service of premium roasted coffee.

Although it's closed, Starbucks Reserve has announced it will soon return at another location.

As of May 2024, the American coffee chain had 108 stores after 11 years of entering the Vietnamese market.

Currently, District 1 center has places with prime locations such as Starbucks New World, Starbucks MPlaza.

Since last year, Starbucks Vietnam officially had its first Vietnamese general director, Mr. Ho Mai Ho, replacing Ms. Patricia Marques who retired.

At that time, Ms. Patricia Marques affirmed that increasing beverage prices to balance the rental price was never part of the chain's strategy.

Since having a Vietnamese CEO, the chain has shown a clear localization strategy and approach, such as launching Dolce Espresso iced milk coffee, a version of Vietnamese iced milk coffee priced at only 55,000 VND, or Salted Caramel Cold Foam coffee...

The fluctuations in the coffee market have received more attention recently when data from Mibrand, a domestic market research company, announced that the country currently has 500,000 large and small coffee shops with a revenue of 1.46 billion USD.

With a population of over 98 million people, if Vietnam has half a million coffee shops, that means there is one coffee shop for every 196 people. This shows that coffee culture is very popular and the demand for coffee consumption in Vietnam is very high. Coffee is not just a drink, but also a part of the lifestyle, a place to socialize, work, and relax.

By the end of 2023, the coffee chain market will be led by 5 brands: Highlands Coffee, Trung Nguyen E-Coffee, The Coffee House, Phuc Long and Katinat, accounting for about 42.5% of the market share, respectively.

The coffee chain model in Vietnam really exploded in the period 2017 to 2019 when domestic brand chains emerged and developed rapidly.

However, since the pandemic, there has been a dethronement of brand chains, most recently the loss of momentum of The Coffee House chain when this company closed a series of stores in the provinces.

Source: https://tuoitre.vn/starbucks-viet-nam-dong-cua-diem-ban-cao-cap-duy-nhat-o-tp-hcm-20240818185527734.htm