Starbucks Celebrates Opening of First Store in Santiago, Chile.Business Editors SANTIAGO, Chile--(BUSINESS WIRE)--Aug. 21, 2003 Starbucks Coffee International, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Starbucks Coffee Company (Nasdaq:SBUX SBUX Starbucks Corporation (stock symbol) SBUX Starbucks Coffee Company ) today opens the doors to its first store in Chile. The first Starbucks in Chile is located in Avenida Isidora Goyenechea and San Sebastian, one of the most prominent business and restaurant districts in Santiago. It will be operated by Sur Andino Cafe, S.A., a joint venture between Starbucks Coffee International and Grain Red S.A., a local company that specializes in the development of food and beverage F&B is a common abbreviation in the United States and Commonwealth countries, including Hong Kong. F&B is typically the widely accepted abbreviation for "Food and Beverage," which is the sector/industry that specializes in the conceptualization, the making of, and delivery of foods. retail chains. "We are confident that Sur Andino Cafe will successfully deliver the Starbucks Experience to the people of Chile," said Julio Guiterrez, president, Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. , Starbucks Coffee International. "Grain Red S.A. has extensive retail experience in the Chilean market, and also shares our business principals and personal values, two factors that are very important to Starbucks. As success is not an entitlement, but something to be earned every day, we believe Grain Red S.A. is the right partner to help us earn the respect of Chileans." "We think Chileans will embrace the Starbucks Experience and learn to appreciate high quality coffee," said Domingo Castano, president, Grain Red, S.A. "The willingness of Starbucks to invest in Chile is a show of confidence in the economy and will provide quality jobs in the market. We also see tremendous opportunities for Starbucks to invigorate in·vig·or·ate tr.v. in·vig·or·at·ed, in·vig·or·at·ing, in·vig·or·ates To impart vigor, strength, or vitality to; animate: "A few whiffs of the raw, strong scent of phlox invigorated her" the existing coffee culture." Starbucks has recently entered Latin America with the opening of stores in Mexico, Puerto Rico Puerto Rico (pwār`tō rē`kō), island (2005 est. pop. 3,917,000), 3,508 sq mi (9,086 sq km), West Indies, c.1,000 mi (1,610 km) SE of Miami, Fla. and Peru. About Starbucks Starbucks Coffee International is a wholly owned subsidiary of Starbucks Coffee Company, the leading retailer, roaster and brand of specialty coffee in the world, with more than 6,500 retail locations in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Latin America, Europe, the Middle East and the Pacific Rim Pacific Rim, term used to describe the nations bordering the Pacific Ocean and the island countries situated in it. In the post–World War II era, the Pacific Rim has become an increasingly important and interconnected economic region. . The company is committed to offering the highest quality coffee and Starbucks Experience and conducting its business in ways that produce social, environmental and economic benefits for communities in which it does business. About Grain Red Grain Red S.A. is a Chilean company specializing in the development of food and beverage retail chains. Its main shareholder, Castano S.A., is the leader in the production and distribution of food, specialized in high quality bakery, with 33 business premises in Santiago. Its main brand -- Castano -- has been present on the table in Chilean homes since 1933. |
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