June 19, 2012 / 4:55 PM / 5 years ago

Starbucks outlines Latin America growth plans

(Reuters) - Starbucks Corp (SBUX.O) on Tuesday laid out its expansion plans for Latin America, where the world’s biggest coffee chain sources the majority of its coffee beans.

A man carries a Starbucks logo sign after a corporate event at a hotel in Shanghai April 19, 2012. REUTERS/Carlos Barria

The company, which operates more than 560 shops in the region, will open its first Costa Rica shop in San Jose’s posh Escazu neighborhood on Wednesday.

Seattle-based Starbucks also said it plans to open “several hundred stores” in Brazil in the next five years.

Starbucks and joint-venture partner Alsea ALSEA.MX expect to add more than 300 new stores in Argentina and Mexico by 2015.

Earlier this month, Starbucks opened a farmer support center in Manizales, Colombia aimed at helping local growers improve coffee quality and yield.

Shares in Starbucks were up 2 percent to $55.23 in midday trading on the Nasdaq.

Reporting By Lisa Baertlein in Los Angeles; Editing by Leslie Gevirtz

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