Sri Lanka’s Coffee Bean and Tea Leaf opens Rs 50mn store in Colombo

Apr 05, 2015 (LBO) –Sri Lanka’s Coffee Bean and Tea Leaf, Californian coffee brand founded in 1963 in Los Angeles, has opened a new coffee store with an investment about 50 million rupees to cater to the trending coffee demand, an official said.


“Other fast developing countries have shown the same pattern that Sri Lanka is going through,” Founder Chairman of Calamander Capital Roman Scott who holds ownership of Sri Lanka’s Coffee Bean and Tea Leaf chain said.

“The nearly emerging middle class and professionals and young trendy set that increasingly favour a cool hip place to hang out with great connectivity and a good cup of coffee,”

“It’s a home from home.”

“Over time people get a taste of ever more refined and high quality coffee. They get more sophisticated in their taste, and for those that do the Coffee Bean and Tea Leaf is there for them.

The new Colpetty store has been opened at Liberty Plaza Podium. Scott says there is enough more room for new store despite the number of coffee lounges and shops in Colombo.

“Nobody else will spend 50 to 60 million per store and have access to the top percent of coffee grown in the world which is what the Coffee Bean and Tea Leaf deliver,”

“That leaves plenty of room for coffee concepts that are in the mid-market level.”

The Coffee Bean and Tea Leaf in Sri Lanka is part of an international franchise. It was founded in Southern California in 1963 by Herbert Hyman as a family-owned business making it the oldest privately owned speciality coffee and tea retailer in the US. The Coffee Bean and Tea Leaf has grown to become an international iconic brand with more than 750 cafes in 22 countries during last 5 decades.

The Coffee Bean buys the top one percent of all Arabica coffee beans produced each year in the world, and utilizes over 50 years of roasting experience to bring out the very best from the world's finest beans.
The new store will offer the Coffee Bean trademark of a luxurious Californian lounge lifestyle, a statement said.

The store will be able to undertake deliveries in the area and take orders by phone.

The company says plans are underway to open stores in Galle Road at The Landmark Building, Negombo Beach, Rajagiriya and Orion City IT Park.

http://www.lankabusinessonline.com/news/sri-lanka%E2%80%99s-coffee-bean-and-tea-leaf-opens-rs-50mn-store-in-colombo/1667837888

Tag: CLND.N0000

This was mentioned in the CLND thread. Good quality and possibly long term or permanent tenants is a good sign.

Any update on Kandy?