Sharetea reveals 110 store target as it gets into expansion mode
Sharetea Australia is targeting 110 outlets by year’s end, up from its current footprint of almost 90 stores.
The bubble tea business is ready for significant expansion, according to Anthony Mu, CEO of Sharetea.
“The pandemic placed a lot of stress on our business as out outlets were closed during lockdowns and there were issues with supply. However we have emerged from Covid in better shape and are keen to expand our footprint across Australia as more consumers enjoy bubble tea as an alternative to coffee.”
While challenges remain with costs – tea prices have risen in the last two years, along with freight, rent, utilities and labour costs – Sharetea has avoided imposing any price increases on its franchise network, Mu said.
“We are developing new products and recipes to attract new demographics in what is one of the fastest growing beverage categories in the world,” he added.
According to Allied Market Research, the global bubble tea business is set to be worth US$4 billion in 2027.
Sharetea has been in the Australian market 10 years and across the network now employs more than 700 people.
Mu said “We have been able to maintain our network of loyal franchisees despite the pressures brought on them by Covid, with many of our partners planning to expand their number of outlets as economic and labour hire conditions continue to improve this year.
“We are seeing very encouraging signs in the turnover of our stores, with an expansion in
the number of flavours we are creating, as well as bubble tea products that our customers
can make at home,” he said.