As it grows, Caribou is stepping up the number of stores owned by franchisees. Of this year's total, 25 to 40 are projected to be opened by franchise operators, which opened 20 of last year's new units. The chain only has 24 franchised coffeehouses currently in operation.
In addition to expanding in the US, Caribou is opening units abroad, in South Korea. The first three stores are scheduled to open in Seoul in the first quarter, with a minimum of 25 to be opening in the next five years.
Company officials also announced plans to expand the concept in airports. Caribou has signed franchise agreements to open coffeehouses in Hartsfield-Jackson Atlanta International; Dulles International and Reagan National, in the Washington DC area; and Denver International airports. Caribou currently has one location in the Atlanta airport.
In 2006, same-store sales at Caribou locations fell 1% year over year. In the last 13 weeks they rose 2%. Management is predicting same-store sales come in flat to a 5% gain during the current year.
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