November 8, 2013 10:17 AM EST
Starbucks boasts over 20,000 stores in 62 countries around the world. It’s not just a regular coffee shop; it’s a franchise and an institution symbolic of the American coffee culture. They even have their own customized names for the coffee sizes, seasonal drinks and multiple coffee blends to choose from. Love it or hate it’s global expansion is rapid and the brand continues to grow and flourish.
On August 26th Starbucks CEO Howard Shultz announced that the coffee house will be taking up residency in Bogota Colombia by 2014. In addition there was a five year plan to have 50 stores in Bogota and other major cities. Shultz also announced that all the beans would be locally grown and toasted.
But will Colombia and its people welcome this iconic American brand with open arms? Colombia has become a global icon of coffee. Juan Valdez is one of the most famous coffee chains in Colombia that put the country on the map globally. Will they like other local businesses suffer because of Starbucks?
Reporter Patricia Rey Mallen sat down with IBTimesTV to discuss how Starbucks will operate in 2014. In addition will its business model work in a country that is the biggest producer of coffee and the third largest exporter of the beans?