Starbucks (SBUX), Baristas Del Caribe Enter Store Licensing Agreement Covering Puerto Rico
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Starbucks Coffee (NASDAQ: SBUX) and Baristas Del Caribe, LLC, an affiliate of Empresas Fonalledas, a leading family-owned Puerto Rican group of companies, today announced that Baristas Del Caribe has acquired exclusive rights to operate Starbucks® stores in Puerto Rico. Through a strategic licensing agreement, Baristas Del Caribe will leverage its strong local market knowledge to further grow the Starbucks retail business in Puerto Rico, building on more than a decade of brand loyalty and trust.
“This is the beginning of an exciting new chapter for Starbucks in Puerto Rico,” said Rich Nelsen, senior vice president and general manager for Starbucks Latin America. “Baristas Del Caribe is part of highly respected family-run group of companies that shares Starbucks foundational values of driving performance through the lens of humanity, as demonstrated by their strong history of investing in people, delivering an exceptional experience to customers, and creating opportunities for the communities they serve. By teaming up with Empresas Fonalledas we believe we can position the Starbucks retail business for continued expansion in the region and take the brand to even greater heights.”
- Starbucks opened its first store in San Juan, Puerto Rico in 2002 and today has 19 stores across the island, employing more than 340 partners (employees). Upon successful completion of the transaction, Baristas Del Caribe will assume full operating control of Starbucks® stores in Puerto Rico, delivering the same exceptional service and high-quality, handcrafted beverages that customers have come to expect. Baristas Del Caribe also plans to accelerate growth by developing new stores over time.
“This agreement is not only a vote of confidence from Starbucks, but an opportunity to combine our expertise in the areas of commercial real estate, retail operations, and high quality products, with our in-depth knowledge of the market to further drive growth and profitability for one of the most respected brands in the world,” said Jaime Luis Fonalledas, Executive Vice President of Empresas Fonalledas Inc. “We are building on a strong foundation with Starbucks as our company’s Tres Monjitas brand currently serves as Starbucks fresh milk provider in Puerto Rico. Starbucks has also been part of our group of tenants in Plaza Las Américas for the last two years. We are thrilled to welcome Starbucks Puerto Rico partners to the Empresas Fonalledas family and look forward to continuing to work together to grow the Starbucks business here.”
“Since launching the brand in Latin America, we’ve grown to just over 880 stores across 15 markets, 14 of which are operated by trusted licensing partners,” added Nelsen. “We have a long and promising runway for growth in Latin America and collaborating with local partners is helping us leverage their proven market capabilities to create even greater value for both our customers and partners. We are proud to add Baristas Del Caribe to our strong network of licensing partners in Latin America and are confident that their operational excellence, combined with our shared values, will help open up exciting new opportunities ahead.”
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