Caribou Coffee Announces Important Milestone in Global Expansion Strategy
Opening of 100th international operating location in Istanbul, Turkey highlights Caribou's commitment to building its brand in the region and accelerating growth internationally.
MINNEAPOLIS, May 30, 2012 // PRNewswire // -- Caribou Coffee Company, Inc. (NASDAQ:CBOU), the second largest company-owned premium coffeehouse operator in the United States, has officially opened its 100th international operating location. The 100th international Caribou coffeehouse is located in the cosmopolitan and bustling city of Istanbul, Turkey. Caribou's 100th operating coffeehouse, which opened on May 10, 2012, in partnership with master franchisee Al Sayer Group and Turkey's Yildiz Holding, is Caribou's 6th store in Turkey.
"The Caribou brand, and our shared dedication to quality and service, has resonated well in this region of the world," said Al Sayer Group General Manager Hamad Alsayer. "We view this market expansion as an important step in our combined commitment to global franchise development over the next several years."
Al Sayer Group currently operates 89 of Caribou's 100 international locations in Turkey, Kuwait, United Arab Emirates, Lebanon, Bahrain, Jordan, Oman and Kingdom of Saudi Arabia. In 2011, Al Sayer Group entered into a joint venture with Yildiz Holding to bring the first – and largest – Caribou coffeehouse to Turkey, a country known for its coffee traditions and culture, in an effort to share Caribou's love for coffee with Turkish communities.
"The 100th international coffeehouse milestone is part of our larger expansion strategy to develop and strengthen Caribou's brand in the countries where we already exist, before proceeding to grow in new markets," said Mike Tattersfield, president and CEO of Caribou Coffee. "We plan to open a number of stores, both domestically and internationally, and increase our total store count by 10 to 12 percent in 2012."
Caribou has also ramped up its packaged coffee sales in grocery and foodservice channels over the past several years and grown its commercial business significantly, primarily in the United States. As Caribou continues to engage new fans in international markets, the brand plans to maintain this trajectory, and demonstrate a strong presence in all channels of the coffee market across the globe.
For more information about Caribou Coffee, please visit Caribou Coffee's Facebook page at www.facebook.com/cariboucoffee or follow Caribou on Twitter at @Caribou_Coffee.
About Caribou Coffee
Founded in 1992, Caribou Coffee Company is one of the leading branded coffee companies in the United States, with a compelling multi-channel approach to their customers. Based on the number of coffeehouses, Caribou Coffee is the second largest company-operated premium coffeehouse operator in the United States. As of April 1, 2012, the Company had 585 coffeehouses, including 174 franchised locations, in 21 states, the District of Columbia and nine international markets. The Company's coffeehouses aspire to be the community place loved by guests who are provided an extraordinary experience that makes their day better. Caribou Coffee provides the highest quality handcrafted beverages, foods and coffee lifestyle items with a unique blend of expertise, fun and authentic human connection in a comfortable and welcoming coffeehouse environment. In addition, Caribou Coffee's unique coffees are available within grocery stores, mass merchandisers, club stores, office coffee and foodservice providers, hotels, entertainment venues and e-commerce channels. Caribou Coffee is a proud recipient of the Rainforest Alliance Corporate Green Globe Award and is committed to operating practices that promote sustainability and environmental protection. For more information, visit the Caribou Coffee web site at www.cariboucoffee.com.
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SOURCE Caribou Coffee Company, Inc.