American coffee franchise Starbucks will invest US $ 6 million and 20 outlets, with its first outlet in Yangon according to the press brief held at the Myanmar Investment Commission (MIC) on May 15.
On May 12, the Myanmar Investment Commission (MIC) endorsed Coffee Concepts Myanmar Ltd (CCM), a wholly foreign-owned food and beverage services provider. CCM is the operator of Starbucks in Myanmar, according to the MIC. CCM was registered with the Directorate of Investment and Company Administration in December 2017, a DICA document reveals.
The first-ever outlet of Starbucks in Myanmar will be located in Sule Square mall, Kyauktada township, Myanmar, apart from Laos, is the only market in the Asean region it has yet to penetrate.
Following Sule Square, the company expects to expand up to 20 outlets within 18 months of the initial opening according to Thant Zin Lwin, deputy director of MIC.
Starbucks, which was founded in 1971, has opened 27000 stores around the world, including locations in Asia in Brunei, Cambodia, Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam.