Starbucks Coffee Korea opened five upscale stores named “Starbucks Reserve” in Seoul, vowing to expand tailored services to Korean customers. Starbucks has introduced some 800 “Starbucks Reserve” outlets globally since Aug 2010

2014-03-18 16:50
Starbucks opens premium stores
By Park Ji-won
Starbucks Coffee Korea opened five upscale stores named “Starbucks Reserve” in Seoul Tuesday, vowing to expand tailored services to Korean customers.
The stores will sell rare “single-origin” coffee at higher prices.

“We hope Starbucks can provide premium and special experiences to meet the demand of Korean customers who have more sophisticated tastes than in the past,” CEO and President SK Lee at Starbucks Coffee Korea said during a press conference.
“As the coffeehouse industry is likely to post a two-digit growth for three to four more years in Korea, we will develop our services to meet customers’ changing lifestyle.”
In April, the firm plans to introduce a “Smart Ordering System,” in which customers can order and pay using mobile devices, for the first time in the world. It also plans to open three more drive-thru stores later this year.
Lee added the firm plans to open two more Starbucks Reserve stores in Busan and Seoul this year.
The firm introduced the “Call My Name” service in Korea in January, in which customers’ names are called when their coffee or meal is ready.
It also introduced a store in one of the most visited tourist sites in Korea, Gyeongju, North Gyeongsang Province, in February where customers can sit on the floor.
In Starbucks Reserve outlets, baristas with the title of Starbucks Coffee Master drip coffees individually with a detailed explanation directly to customers. They serve single-origin coffee selected from all over the world.
The firm also introduced a coffee machine, “Clover,” in these outlets which can only be used for brewing premium coffees.
Coffees sold in these stores are priced at 6,000 won ($5.60) to 7,000 won, which is more expensive than the Americano coffee being sold in existing stores. The price of premium coffee could rise depending on the quality of new coffee beans, Vice President SJ Paik at Starbucks Coffee Korea said.
Starbucks has introduced some 800 “Starbucks Reserve” outlets globally since August 2010. It plans to increase the number to 1,000.

Unknown's avatarAbout bambooinnovator
Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

Leave a comment