TATA CONSUMER PRODUCTS will push back plans for some new Starbucks store openings until later in its existing schedule as fewer customers are walking into its cafes, CEO Sunil D'Souza said on Monday.
"We will calibrate for the short term—maybe instead of opening 100, we will open 80 now, and next year we will open 120 instead of 100," D'Souza said, adding that Tata Starbucks is still focused on reaching its 2028 goal to operate 1,000 stores by 2028.
Urban consumers are cutting spending on everything, from cookies and coffee to fast food, as persistently high inflation squeezes middle-class budgets, with wages failing to keep pace.
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