Starbucks eyes new flagship HCMC location with $39,000 monthly rent

The American coffee chain confirmed Thursday morning that it will revive the premium coffee store, known as Starbucks Reserve, at the Bitexco building, a popular tourist attraction in the bustling District 1.

The new store is scheduled to be launched in the first half next year.

A property consultancy source told VnExpress that the new store will be located at a 256-square-meter area on the ground floor, where fashion retailer Adidas has vacated earlier this week.

The new store is set to cost VND980 million in monthly rents, double the rate Starbucks paid for its former Reserve location at 13 Han Thuyen in District 1, a popular street where many major brands set up their outlets, the source said.

Although the new location at Bitexco only exceeds the Han Thuyen store by 40 square meters, Starbucks could have had to spend a large amount of money on renovating the latter store due to its dated condition, the source added.

The Bitexco location, meanwhile, offers a more open area which can attract a variety of customers who come to the building for work, food or entertainment.

Bitexco Financial Tower in District 1, Ho Chi Minh City. Photo by Pexels

The Starbucks Reserve program began in 2010 to introduce exclusive drinks that it does not sell in regular stores.

Globally, there are only a handful of these stores, including in Shanghai, Tokyo and Milan.

The only Reserve store in Vietnam at present is located in downtown Hanoi. Starbucks plans to open an additional Reserve outlet in the capital next year.

After 11 years of operation in Vietnam, Starbucks now has 125 stores.