Mexico-based restaurant chain operator Alsea has acquired the remaining 18 percent of its previously Starbucks-owned subsidiary, Café Sirena, which operates all of Starbucks’ retail stores in Mexico.
Alsea says the agreement includes an option to expand the Mexican company’s rights to develop Starbucks retail stores throughout the country for an additional 10 years beyond the existing contract, to 2037. Alsea also agreed to lead 50 store openings per year for the next five years.
“For more than ten years, Alsea has successfully brought the Starbucks Experience to millions of customers in Mexico, helping us grow our presence to over 367 stores,” says Cliff Burrows, Starbucks president, Americas. “We are proud of our relationship with Alsea and its ability to create a locally relevant experience for Starbucks customers. The Mexico business is key to our success in the Latin American region; we are excited to build on our foundation and accelerate our growth in the market.”
Alsea also operates numerous other well known U.S. chain restaurants throughout Latin America, including Chili’s, Burger King, P.F. Chang’s, Cheesecake Factory and Domino’s Pizza.