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Tag: coffee house

  • The Coffee House operator sees revenues surge of 50%

    The Coffee House operator sees revenues surge of 50%

    Seedcom, the operator of The Coffee House beverage chain and June fashion outlets, gained revenues of over VND1.5 trillion ($60.5 million) in the first 9 months, a 50% year-on-year surge, despite losses.

    The company posted losses in the period, Seedcom CEO Nguyen Hoanh Tien said, not revealing the exact amount of loss.

    It is expected to profit next year. “With big investments, firms under Seedcom are expected to see much improved financial results in the last months of this year,” he said.

    Seedcom, established in 2014, also owns delivery companies AhaMove, Giao Hang Nhanh, and retail chain Kingfoodmart.

    Of Seedcom’s total revenues in the first nine months, over 37% came from The Coffee House, more than 25% from the fashion group, and some 20% from Kingfoodmart.

    Last year, Seedcom branched into finance by partnering with Thai bank Kvision to provide payment and loan services to small and medium companies, focusing on cashless finance.

    It also sold the farming unit Cau Dat Farm, which grows and processes coffee, to Nova Consumer under NovaGroup to focus more on retail.

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  • Starbucks closes third Vietnam outlet

    Starbucks closes third Vietnam outlet

    Starbucks Vietnam will close its Hanoi outlet after eight years, following the closure of two locations in Vietnam last year. The Starbucks Lan Vien outlet in Hoan Kiem District will operate until June 30, the company said in a Facebook post. Last year, the coffee chain had closed another outlet in Hoan Kiem District and one in Ho Chi Minh City’s District 1.

    Patricia Marques, CEO of Starbucks Vietnam, said earlier this year that the company was finding it challenging to expand the number of outlets in Vietnam due to difficulties in negotiating rent prices.

    The company, however, will continue to expand in Vietnam by focusing on new urban areas where there is a lack of services, she added.

    She also said that in central districts, Starbucks has observed that customers tended to order more takeaways, so it was considering opening small takeaway outlets where customers can pick up their drink right away.

    Starbucks has 78 outlets nationwide, while its competitor Highlands Coffee’s has 500 and The Coffee House has 156.

    The Covid-19 pandemic has forced several food and beverage chains to close outlets amid plunging revenue.

    The Coffee House closed over 20 outlets last year, while Soya Garden shut down its last one in HCMC. Soya Garden still has eight outlets in Hanoi.