With 45 outlets in 2013, Coffee Dream completes P75M expansion program

CEBU, Philippines - Cebuano coffee shop chain Coffee Dream will complete its P75 million expansion program by 2013,  closing  the year with a total   45 outlets nationwide.

Coffee Dream President Glenn O. Soco said that while coffee drinking  has practically creeped into the lifestyle of people, the coffee shop business still has room for growth despite the tough competition.

The company officially opened its 40th outlet at Gorordo Avenue in Cebu Tuesday as it continously take advantage of the profitable coffee shop business.

“The coffee market has expanded. A lot of students find it more convenient to study in coffee shops. Coffee consumption per day of customers has also increased.  Coffee shop has become the ‘third place’ among Filipinos. When they are not at home or in office, they are usually in coffee shops,” said Soco.

The P75M Coffee Dream expansion program which was announced by Soco last year include additional coffee shops in Cebu, Davao, Cagayan and other parts of the Visayas and Mindanao, as well as renovation program for its existing outlets.

Next year, the company will focus on its expansion program in the Luzon area, putting more Coffee Dream outlets in Metro Manila  and other provinces in Luzon.

At present, Coffee Dream has five outlets in Metro Manila.

According to Soco, despite the competition including the proliferation of Milk Tea shops in the Philippines, the coffee shop business has continued to thrive.

In fact, Coffee Dream is hitting its annual average growth target of 20 percent. This year is considered as the “banner year” for Coffee Dream since its establishment 16 years ago, Soco said.

Unlike in the western culture where coffee drinking is part of people’s daily routine,  in the Philippines it has evolved into more than that. Filipinos go to coffee shops not just to relax but also to socialize, network, brainstorm or close business deals.

While before coffee drinking  only attracted the discriminating middle to high-end market,  today  all market-spectrum has already adopted the lifestyle. This has made the coffee shop businesses thrive in the country.

“Local brands continue to survive over the years,” Soco said adding that what fuels the impressive growth for coffee shop business in the Philippines is the growing volume of money circulating supported by external and internal contributors such as Business Process Outsourcing (BPOs) and the Overseas Filipino Workers (OFWs).

In the last three years, Coffee Dream  invested P10 million for its rebranding program, changing the look and positioning of all its outlets nationwide.

“Instead of being intimated by the giants, Soco said homegrown brands should  position themselves as the “threat” to giants.  —  (FREEMAN)