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Starbucks Korea may face new challenges as Canadian chain Tim Hortons and American brand Peet's Coffee prepare to enter South Korea's vibrant, premium coffee market. The impending store openings intensify the anticipation for a fresh wave of competition.
The Korea Times reported that Tim Hortons is preparing to launch its first store in Seoul, while Peet's Coffee filed its trademark registration in May. As they prepare for store openings in South Korea, industry officials are already anticipating stiff competition not only with homegrown premium coffee chain brands but with the local units of foreign companies, such as Starbucks.
Tim Hortons is opening its doors to Korean customers very soon, so it has already started recruiting manager-level staff who will be in charge of growing the outlets they will manage in the territory. The Canadian coffee company has yet to announce the exact opening date of its Seoul branch. The prediction is that it will officially start business in early December.
Peet's Coffee, often compared to Starbucks, was said to have registered trademarks for various food and beverage services. It added advertising and business management for its brand registration as well. Starbucks Korea has no rivals, but Tim Hortons and Peet's Coffee will give it good competition.
"When Tim Hortons and Peet's Coffee open their first stores in Seoul, they will go viral for sure, like Five Guys did recently. Starbucks is too common now in Korea and consumers want new premium coffeehouse brands," an official of a local franchise company said. "There hasn't been one since Blue Bottle Coffee entered the local market in 2019. They can also target foreign tourists visiting Korea. For those who are from countries that do not have Tim Hortons or Peet's Coffee, the North American coffeehouse chain stores in Seoul can become tourist destinations."
Meanwhile, Restaurant Brands International first announced the launch of Tim Hortons in South Korea in May via a master franchise agreement with BKR Co. Ltd., a leading QSR firm.
"South Korea is one of the world's largest and fastest growing coffee markets and we are proud to have such an experienced partner in BKR," RBI's president, David Shear, said in a press release at that time. "We are excited about meeting our South Korean guests and introducing them to the premium quality coffee and delicious foods that Tims fans around the world know and love."
Photo by: Erik Mclean/Unsplash
