This photo taken on March 3, 2024, shows a Starbucks outlet in Seoul. (Image courtesy of Yonhap)
SEOUL, Jul. 31 (Korea Bizwire) – Starbucks Korea said Wednesday it will adjust most of its beverage prices to reflect surging costs of coffee beans.
Starting Friday, the prices of grande-size (473 milliliters) and venti-size (591 ml) beverages will be raised by 300 won (US$0.22) and 600 won, respectively, while the price of all tall-size beverages will remain at the current level, the company said in a statement.
“The company has endured market factors that drive up coffee prices but it is inevitable to raise prices due to consistently soaring costs,” it said.
In recent years, poor harvests due to climate change, geopolitical conflict and supply chain disruptions have all pushed up coffee prices.
The company said it will also raise the prices of whole beans and VIA instant coffee products to pass climbing bean prices onto customers. It will mark the first price hike for whole beans in 18 years, and the first in 13 years for VIA products.
But it will lower the prices of short-sized beverages (237 ml) by 300 won. A cup of short-sized Americano will be available at 3,700 won in Korea, the statement said.
The price adjustments come 2 1/2 years after the company raised all menu prices by up to 300 won in January 2022.
The Seattle-based coffee giant introduced its first store in front of Ewha Womans University in Seoul in 1999 in partnership with Shinsegae Group, a Korean retail group.
Starbucks mostly focused on the Seoul metropolitan area in the early stage and expanded its business territory across the nation to cater to growing appetite for its coffee.
It currently operates 1,930 outlets across the country.
Shinsegae Group holds a 67.5 percent stake in the coffee chain here and the Government of Singapore Investment Corp. (GIC) owns the remaining 32.5 percent stake.
(Yonhap)
