BANGALORE – Indian coffee chain Cafe Coffee Day plans to open 70 new outlets by March 2014. “We have 1547 stores right now and we will add 60-70 stores in the next four to five months,” said director Venu Madhav. On average the company will invest Rs40 lakh ($80,000) on each store.
Cafe Coffee Day competes with Starbucks, Lavazza and Costa Coffee in India’s organised coffee market with around 2000 cafes.
Madhav said the company will continue expanding over the coming years as the market has a huge demand for coffees despite the tough times in the retail sector.
“The retail sector in particular is going through tough times now, because the cost is going up, the consumer discretionary spend is coming down. But there is a lot of latent demand, so all of us are going ahead with our expansion plan,” said Madhav.
Source: [via]
