Starbucks has sharply slowed its ambitious expansion in India as hard-pressed middle-class consumers cut spending at the coffee chain’s stores.
The US company announced in January last year it would nearly triple its Indian outlets to 1,000 by 2028, but in the last three months of 2024, it opened just over half the 30 targeted for the quarter, according to Sunil D’Souza, chief executive of its Indian joint venture partner Tata Consumer Products.
“We saw traffic dropping,” D’Souza, whose company is an arm of Indian conglomerate Tata, told the Financial Times in an interview. “So I told my team, let’s moderate a bit. We’ll continue to grow and we’re still opening outlets, but we’ve slowed it down momentarily.”
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