Starbucks reopens premium Reserve store in Ho Chi Minh City with $77,130 monthly rent

Starbucks chose one of the busiest and most high-profile locations in the city to relaunch its Reserve store. Some beverages at the new location are priced above VND200,000 ($7.7) per cup.

In August 2024, Starbucks Vietnam closed its first-ever Reserve store in the country on Han Thuyen Street after seven years of operation.

The firm cited the lease expiration and the inability to reach an agreement on the previous rental terms.

At that time, real estate brokers reported a rental of over VND500 million ($19,282) per month for the 210-square-meter space. As of now, the price has risen to over VND700 million ($26,995) per month.

Although the company previously stated that finding a new location for its Reserve store was time-consuming and challenging, it announced a new space had been secured just four months after closing the Han Thuyen store.

The new two-story Reserve store spans more than 250 square meters and is located inside the Bitexco Financial Tower.

The new store opened on Sunday.

Starbucks' traditional offerings will be served on the first floor, while the second floor will be dedicated to the Reserve bar and a Mixology Bar, where alcoholic beverages will be served. 

Drinks in this area can cost more than VND200,000 ($7.7) per cup.

Operating hours for each area of the store will differ: the Reserve bar will open from 7:00 am, and the Mixology Bar will begin service from 3:00 pm.

Starbucks Vietnam did not confirm the specific rental but stated it would not return to the Han Thuyen location. 

The company also revealed plans to open another premium store in District 1. 

Currently, the brand operates 126 stores across Vietnam.

At the end of 2023, Ho Mai Ho was appointed CEO of Starbucks Vietnam, succeeding Patricia Marques, who had been with the brand since its entry into the Vietnamese market in 2013.

By the end of 2024, Marques had returned to the food and beverage industry as the CEO of the Vietnamese coffee chain Phuc Long under consumer goods firm Masan Group.