SINGAPORE – Customers of Starbucks in Singapore and six other Asian markets can expect a wider selection of beverages and food, as well as more outlets, over the next three years under DFI Retail Group.
DFI and Hongkong Caterers each owns a 50% stake currently in Maxim’s Caterers, which operates the Starbucks business.
In a reorganisation, DFI will take full control of Starbucks’ licensed operations in the region, while Hongkong Caterers will retain Maxim’s other food and beverage businesses.
Andrew Wong, chief executive of DFI IKEA, will also oversee the Starbucks operations.
The group plans to build on the coffee chain’s leading position in Asia’s breakfast market by expanding its food and beverage menus and attracting more customers at lunchtime and later in the day, he said during an Oct 1 call.
This could include matcha chai beverages, for example, as well as greater beverage customisation and products catering to demand for functional beverages, such as protein drinks.
DFI also plans to broaden Starbucks’ breakfast and bakery offerings and adapt menus to local tastes.
Starbucks patrons can also expect more outlets to open across Singapore as well as Thailand, Hong Kong, Macau, Vietnam, Cambodia and Laos between 2027 and 2029, taking the total number of Starbucks joints in Asia to 1,350 from 1,110 currently.
“Thailand and Vietnam is where we will initially focus our growth, where coffeehouse penetration is low,” said Wong.
He added that there is room to drive greater coffee and tea consumption in Singapore and Hong Kong.
“Singapore has a strong cafe culture and where our headquarters is based in Hong Kong, there is a very substantial beverage culture across both coffee and tea.”
Currently, Thailand has the highest number of Starbucks outlets at 574 stores. Hong Kong and Macau have 177 stores, while Vietnam has 156. In Singapore, there are currently 138 Starbucks coffeehouses.
Wong noted that the seven markets covered include some of the world’s biggest coffee-drinking populations, supported by established coffee and tea cultures.
He added that Starbucks currently holds an estimated 16% share of the US$3.8 billion coffeehouse market across the seven countries, “where we believe there is currently an under-penetration of quality coffeehouses”.
The reorganisation also comes at a time when competition for the coffee and tea consumer in Asia is intensifying.
In Singapore, for example, Chinese coffee giant Luckin Coffee already runs 103 outlets just three years after it first opened in the Republic. Up to six outlets are planned for the rest of 2026, including at locations such as the Singapore University of Technology and Design, YewTee Point and Limbang Shopping Centre.
But DFI CEO Scott Price said there is opportunity to drive an even greater amount of coffee and tea consumption in markets like Singapore.
He said: “We see that many of our customers have quite a different view on where they want value and where they want experience based on their age and demographic.
“So I’d say that as we think about our growth, there is a strong demographic that is interested in spending a bit more for a coffeehouse experience as opposed to a quick coffee on the go, where potentially they’re only interested in value.”
The Starbucks business in the seven Asia markets generated US$746 million (S$955 million) in revenue in 2025.
These updates come a day after DFI announced the reorganisation plans for Maxim’s which, when completed by end-March 2027, is expected to immediately boost DFI’s revenue and profitability.
The deal will see DFI transfer its 50% stake in Maxim’s Caterers to Hong Kong Caterers. DFI will also receive US$340 million in cash, which it intends to deploy for growth or return to its shareholders as special dividends.
Hongkong Caterers will become the sole shareholder of Maxim’s and continue to operate and grow its portfolio of over 1,000 restaurants and bakeries in China and South-east Asia.
This includes five brands in Singapore: Genki Sushi, sen-ryo, Yakiniku Like, Butahage and Uoharu.
When contacted, a spokesperson for Maxim’s said the group “will continue to build on its strong operating foundation, trusted brands and deep market experience across Asia” and remains “well positioned for long-term growth”.
Asked why Maxim’s is divesting from Starbucks, the spokesperson noted that “the reorganisation is driven by strategic ownership alignment and is intended to support the next phase of growth for the respective businesses”.
