U.S. coffee shop chain Starbucks (NasdaqNM:SBUX) will open its first Israeli cafe in Tel Aviv on September 1 of this year, announced its majority shareholder
on Wednesday. Delek has an 80% share in the company.
Four days later, Starbucks will open a second Tel Aviv branch, said a company statement.
The coffee chain plans to open a total of five branches in the Tel Aviv region by the end of this year and 20 throughout Israel by the end of 2002. Starbucks International owns the remaining 20% of Starbucks Israel.
Delek, which owns fuel, real estate and investment companies, said in May it would provide the venture with a minimum of $9 million in equity and loans over the next four years.