June 26, 2018 / 11:09 AM / 8 months ago

Coffee Bean to triple its number of U.S. cafes by 2028

NEW YORK (Reuters) - The Coffee Bean and Tea Leaf coffee house chain aims to more than triple its number of cafes in the United States by 2028, the California-based company said on Tuesday, expanding its presence in the saturated U.S. market as Starbucks Corp plans some closures.

Franchisee Hudson River Coffee and Tea will open a new Coffee Bean and Tea Leaf store in New York City later this year with a total of 100 new locations planned for the five boroughs by 2028, said John Fuller, president and chief executive for Coffee Bean and Tea Leaf.

This will mark a return to New York for the chain that has 311 stores in other parts of the United States. It plans to expand its number of U.S. locations to 1,000 within the next five to 10 years, Fuller said.

“I want us to have more of a presence in the U.S.,” Fuller told Reuters, adding that he sees room for growth.

Coffee Bean and Tea Leaf has more than 1,200 stores across 30 countries.

Starbucks, the world’s largest coffee chain, said last week it plans to close about 150 U.S. cafes in the next fiscal year as it faces competition from upscale coffee houses and lower-priced fast-food chains.

Coffee Bean and Tea Leaf, which first opened in California in 1963, is unlike other U.S. coffee chains as 75 percent of its stores are in Asia, where companies like Starbucks have expanded to meet rising demand there.

Reporting by Marcy Nicholson; Editing by Sandra Maler

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