Starbucks hikes prices of 22 drinks

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Starbucks hikes prices of 22 drinks

A pedestrian passes a Starbucks outlet in Seoul on Nov. 1, 2024. [YONHAP]

A pedestrian passes a Starbucks outlet in Seoul on Nov. 1, 2024. [YONHAP]

 
Starbucks Korea will raise the prices of 22 kinds of coffee and other beverages by a range of 100 won (7 cents) to 300 won, the company said Monday in a text message, to reflect a weaker won and increased raw material prices.
 
A tall (355 milliliters) Americano will be available for 200 won more at 4,700 won, and a tall brewed coffee, called “Today's Coffee” in Korea, will be 300 won higher at 4,500 won, it said.
 
“The company has made efforts to pass less burden onto customers despite consistently rising costs, but the price adjustments are inevitable due to higher exchange rates and raw material costs,” the message said.
 
The company said it will keep the current prices for 10 beverages, including Dolce Cold Brew and some tea bag-based drinks, while lowering the prices of grande and venti iced brewed coffee by 200 won to 5,100 won and 5,900 won, respectively.
 
In November, Starbucks Korea raised the prices of 11 tall iced beverages by 200 won.
 
The Seattle-based coffee giant introduced its first store in front of Ewha Womans University in Seoul in 1999 in partnership with Shinsegae Group.
 
Starbucks mostly focused on the Seoul metropolitan area in its early stage and later expanded its business territory across the nation to cater to growing appetites for its coffee.
 
The number of Starbucks outlets across the country had reached 1,980 as of end-October.
 
Shinsegae discount chain Emart holds a 67.5 percent stake in the coffee chain, and the Government of Singapore Investment Corporation owns the remaining 32.5 percent.

Yonhap
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