Starbucks Announces Entry into Puerto Rico

Starbucks Coffee International, a wholly owned subsidiary of Starbucks Coffee Company (Nasdaq:SBUX - News), and Puerto Rico Coffee Partners, LLC, announced this morning that the first Starbucks store in Puerto Rico is scheduled to open next week in the heart of Old San Juan.

"Puerto Rico represents a market that offers tremendous growth opportunities for Starbucks," said Julio Gutierrez, president of Latin America, Starbucks Coffee International. "

Starbucks and Puerto Rico Coffee Partners, LLC, signed a joint venture agreement to open Starbucks stores in Puerto Rico in January this year. The joint venture, Cafe del Caribe, LLC, is responsible for managing the operations in the market.

Following the opening of the first Starbucks store, Cafe del Caribe, LLC, plans to open another 10 to 15 stores in the next 18 to 24 months. The second Starbucks store, located in the San Patricio Plaza shopping center, is scheduled for opening later this fall, followed by a third location in Plaza Caparra.

In Puerto Rico, Starbucks is introducing its new single origin coffee, Puerto Rico, which will be offered exclusively in the local market. The delightful Puerto Rico coffee, with its full body, soft acidity and delicate flavor, comes from some of the highest quality arabica coffee beans on the island.

"The introduction of a local coffee is an integral part of our uncompromising values in embracing the local culture," said Dean McPhail, president and ceo, Cafe del Caribe. "

As part of its celebration in entering the Puerto Rican market, Cafe del Caribe will be donating a percentage of its sales from the Old San Juan store's first day of operations to Hogar Padre Venard, a non-profit organization dedicated to helping the homeless population in the area.

In addition to Puerto Rico, the first Starbucks store in Mexico is scheduled to open in September, followed by Greece at the end of this year. Starbucks is also rapidly proceeding with its strategic plans for the Latin American market, and is actively exploring opportunities in Argentina, Brazil, Chile, Colombia, Peru, and Venezuela.