Coffee Dream sets aside P100M for expansion
A CEBUANO coffee shop chain is setting aside P100 million in capital for its three-year expansion plan.
Glenn Anthony O. Soco, Coffee Dream president and founder, said he was optimistic about the market because more people are going to coffee shops for more than just caffein.
This is the market that views coffee shops as their “third place.”
He said people usually see their home as the “first place” they like to be and the second is usually the office or workplace.
“Coffee drinking has become more than just about finishing a cup of coffee. It has become a different reason for different individuals. For some it’s an excuse to meet their friends while others, another way to relax. There are many reasons why people come to the coffee shop and that is what we are trying to become as a brand,” Soco said.
Coffee Dream started 15 years ago with a small kiosk outlet at the third floor of Ayala Center Cebu near the cinemas catering to mostly movie-goers.
Today it has 36 outlets nationwide, 13 of them franchises.
The newest outlet opened at Paseo Arcenas in Banawa, Cebu City.
“We have 12 outlets in Cebu at present and we will soon be opening another one in JCenter Mall in Mandaue City. That will be our 37th outlet nationwide and 10th opening this year.”
For 2012, Soco said they are targeting to open seven more outlets – four in Metro Manila with three in the Visayas and Mindanao with an estimated investment of P35 million.
“The P100 million budget will be good until 2014. Out of the P35 million for 2012, we will be setting up a separate commissary in Manila because we will soon have nine outlets there and logistics-wise it will be better if we have another one there to cater to the demand,” he said.
The latest outlet in Paseo Arcenas offers a new concept.
“This is the only outlet that now offers beer and wine aside from all other choices we offer. This is actually a prototype and if this works well, we will be doing the same for all our openings.”
Soco said the Coffee Dream is aggressive about growth.
“This is what sets us apart from all international brands that open here. The rate that we open and the strategy that we use always puts into consideration the local setting, what our markets like and we do that with flexibility, not relying so much on standard procedures and processes,” he said.
Soco said that Coffee Dream outlets will also come with a more relaxing ambiance.
It wil feature creations of Cebu’s own world-known furniture designer Kenneth Cobonpue.
Soco said Coffee Dream grew by 20 percent last year and expects similar growth this year despite the economic difficulties in the United States and Europe./Reporter Aileen Garcia-Yap
