DFI targets 250 more Starbucks stores in Asia by end-2029, focusing on Vietnam and Thailand

DFI Retail Group has set a growth target for its Asian Starbucks franchise business: to open 250 additional stores by the end of 2029, mainly in Vietnam and Thailand, while accelerating revenue growth over the next three years. For readers assessing Hong Kong’s franchise market, the significance goes beyond the number of new stores. It also shows how a single brand allocates expansion resources and operational priorities across different markets.

Store openings to focus on Vietnam and Thailand

According to a 2 October report by Guandian, DFI chief executive Scott Price told an analyst meeting that the Asian Starbucks business currently has around 1,100 stores. The group aims to open another 250 by the end of 2029, primarily in Vietnam and Thailand.

This is a future store-opening target set by management, not growth already achieved. The report did not give separate figures for Vietnam and Thailand or a year-by-year opening schedule, so the overall target should not be applied directly to any single market.

The franchise business spans seven markets: Hong Kong, Macau, Thailand, Vietnam, Singapore, Cambodia and Laos. The announced expansion priorities indicate that management is not planning the same pace of store growth everywhere. Although Hong Kong is part of the operating network, it was not named as a principal destination for new stores.

Revenue growth target exceeds past performance

DFI’s chief financial officer said the group plans to accelerate the Asian Starbucks franchise business’s compound annual revenue growth to 6–7% over the next three years, bringing annual revenue to US$1 billion.

Price said the Asian Starbucks business generated revenue of US$746 million in 2025. The report put its compound annual growth rate at 3.5% over the 2023–2025 period ending in June. Management’s new target is above the growth rate recorded during that period.

These figures require a clear distinction between historical revenue and future targets. The US$746 million is existing revenue disclosed by management, whereas US$1 billion is the scale the business intends to reach, not a result already achieved. Equally, revenue growth across the business is not the same as like-for-like sales growth at individual stores, nor can it be used to infer the performance of Hong Kong outlets directly.

The chief financial officer also said the business has a pre-tax profit margin of 7–8% and described its cash generation as strong. This provides context for management’s approach to expansion, but it relates to the business as a whole and is not a promise of returns from new stores or individual markets.

Hong Kong’s priority is strengthening the core business

For Hong Kong, DFI management identified ‘strengthening the core business’ as its strategic priority. It also sees the market as offering opportunities to develop the group’s overall portfolio and synergies across its different retail formats.

This differs from the positioning of Vietnam and Thailand as the main markets for store openings. The announcement gave no number or locations for additional Starbucks stores in Hong Kong. Those considering the local franchise market should therefore not interpret the regional expansion target as signalling a comparable wave of openings there.

From a business planning perspective, the important point is how priorities differ by market. Store numbers, revenue targets and core-business strategies each answer different questions. Assessing these measures separately offers more insight into the brand’s direction than looking only at the regional store total.

Expansion plans must also be viewed alongside the transaction timetable

The growth plans follow a business restructuring agreement announced on 30 September by DFI and Hongkong Caterers Limited. Under the agreement, full ownership of Coffee Concepts, Maxim’s Starbucks franchise business, will transfer to DFI, which will manage the operation.

According to the report, the transaction remains subject to customary completion conditions and is expected to complete by the end of the first quarter of 2027. At this stage, the announced agreement, the expected completion date and the store-opening target for the end of 2029 should be treated separately, rather than viewing planned changes as operational developments that have already taken place.

For readers considering Hong Kong’s franchise market, the practical lesson is to check the target markets, opening deadlines and scope of revenue measures before assessing how a major brand’s expansion relates to local business opportunities. The key developments to watch are the actual pace of openings in Vietnam and Thailand, and the specific steps taken to implement Hong Kong’s strategy of ‘strengthening the core business’.