Business
Reborn Coffee Unveils Major Global Expansion for Premium Brand Growth in China and Southeast Asia
Reborn Coffee Sets Sights on Over 70 New Locations in Guangdong Province and Prepares for Further Expansion into Southeast Asia BREA, Calif., June 11, 2024
About this update from Reborn Coffee, Inc.
[{"type":"text","content":"Reborn Coffee Sets Sights on Over 70 New Locations in Guangdong Province and Prepares for Further Expansion into Southeast Asia\nBREA, Calif., June 11, 2024 (GLOBE NEWSWIRE) -- Reborn Coffee Inc. (Nasdaq: REBN), (\"Reborn\", or the \"Company\"), a California-based retailer of specialty coffee, today announced its in-depth plan for opening its first flagship store in the Historic Art Museum Building in Guangzhou, China. Following the successful closure of a master franchise agreement in Guangdong Province, the company is set to establish its first flagship store, complete with a roasting and training facility, in the culturally rich Li Weiguang Art Museum in Shamian, Guangzhou, with plans to inaugurate this landmark location in the third calendar quarter of 2024. Guangzhou, a Tier 1 city, is renowned for its vibrant economy and high living standards. Located on the first floor of the Li Weiguang Art Museum in Shamian Island, the store takes advantage of the area's high foot traffic and rich cultural backdrop, making it an ideal location to introduce Reborn Coffee's unique offerings to China's sophisticated coffee enthusiasts. To optimize resource distribution and governance based on economic development and population, China classifies its cities into five tiers. Guangzhou, along with Beijing, Shanghai, and Shenzhen, forms the core of \"Beishangguangshen\", the most developed urban area in China. These cities are pivotal economic engines with populations exceeding 10 million and gross domestic products surpassing 1 trillion yuan. Reborn Coffee's presence in Guangzhou positions it perfectly within this bustling economic landscape, especially as the museum celebrates its centennial anniversary this year, adding historic charm to the modern coffee experience offered by Reborn. The company plans to leverage Guangzhou's dynamic environment as a driver for expansion across China, targeting over 70 new locations in established and emerging Tier 1 cities like Chengdu, Hangzhou, and Wuhan, as well as significant growth into Tier 2 and 3 cities, each representing significant market opportunities due to their growing middle-class populations and increasing consumer spending power. Reborn Coffee not only aims to serve its premium coffee but also plans to convert the second, third, and fourth floors of the museum into a comprehensive design c...