A new media report started making rounds on the internet suggesting that the global coffee chain Starbucks is planning its exit from the Indian market. Now the Tata Group has finally responded to these rumors.
The report claimed that Starbucks’ premium coffee model is failing in India and started mounting losses. This is because Indians prefer cheaper options of having filter coffee and chai from their favorite local cafes over the expensive lattes that don’t offer anything different.
However, Tata Consumer Products has issued a statement denying these “baseless” reports. While they have delayed opening new Starbucks stores due to low footfall, there are no plans to exit from India.
What is more interesting is that people weren’t even shocked at the initial report as the majority of Indians could relate to it. This shows that the US-based coffee franchise is losing its hype in the country.
For the middle class, a Starbucks coffee doesn’t justify its expensive price, which is a worrying sign for the brand. They should start offering some budget-friendly alternatives or cut their prices to make it accessible for the masses or else these reports will soon turn into reality.
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