Opening a coffee shop
Potential investor - Coffee Day Holdings. Characterization of the investment object. General characteristics of the country's investment. Business conditions in the UK and promising markets. The factors that provide competitive advantages to firms.
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Coffee Day Holdings is India's owner of chain of coffee houses “Cafe Coffee Day”, and is the second largest coffee producer after India's Tata Group.
The company is considering buying in the UK (London) commercial real estate to open a coffee shop.
Characterization of the investment object
Buying of commercial premises in the south-west of central London, 803 Nar Bar & Apartments. A great place to open a shop, restaurant, cafe. Fulham Road, London. Also in the price offered for buying property include three storey building, which have 9 rooms and 2 studios. (with a permission to renovate the 9 rooms in a two-bedroom and 2 bedroom apartments).
Current rental income from the upper floors is Ј 70,440 per month.
"Restless" and "convenient" - that's two words that are most commonly used in English to describe the area. Local residents like the main street bustling and convenient location of the area because it is on the way between central London and Heathrow Airport. Because of such circumstances, makes its a favorite for the Hammersmith branch of the largest global companies - from Coca-Cola to Universal. A little away from busy roads and shopping centers where one can find cozy enclaves, which are still alive in the spirit of community with cozy pubs, tennis courts and gardens. One of these is the Brook Green, where there is also one of the best schools in England only for girls. In this area, several famous theaters and concert halls, where regular shows are held by famous international stars. Transport communication is indeed a trump card Hammersmith - then converges countless bus routes and several subways, including the Piccadilly Line, on which one can get to Heathrow Airport. By car to the airport at least an hour to go.
On sale property offered is at a price of 2.377 million pounds. Cannot buy apartments. In this case the price falls to 905 000 pounds.
General characteristics of the country's investment
The UK is a highly industrialized country, has an important place in the world economy. It ranks sixth in the world and in third place in Western Europe in terms of GDP, the fifth largest in the world in terms of industrial production. It accounts for 4.2% of total GDP and 1% of the population (58 million).. Working-age population makes up almost half the UK population. In terms of industrial production, UK ranks fifth among countries with developed economies. By the volume of foreign investment the UK has the second highest in the world. (UK National Statistics, 2012)
Position of the ranking of London, explains Clive Bull who is head of investments in Central London at Cushman & Wakefield: «International investors foresight London as a haven of salvation of the world market, and interest in it from their side continues to grow. For private investors, both foreign and local, London interestingly is a combination of minimal risk and a higher return than bank deposits. Although traditionally considered London in the first place when making investment decisions at the international level or to invest in European markets, in this economic cycle in London before the restoration of all commercial real estate market. In addition, the projected reduction in supply over the next few years, says the growth rates and good financial performance during this period. This will facilitate the inflow of investors and the emergence of new investment opportunities.. "(Cushman & Wakefield, 2012)
Meanwhile, head of research in Europe, Cushman & Wakefield David Hutchings notes that investors are attracted not only due to a minimal risk investment and a high return but also high and secured returns on their investments - this is confirmed by the gradual growth of interest in the Asian markets. Only 5 years ago in the world, there were only twenty three Asian market for investments. In 2010, their number grew to twenty five cities which were already from Asia, compared with 5 in Europe and 7 in North America. However, despite improvements in the macroeconomic situation in 2011, it is still far from stability, and most investors would prefer to focus on less risky markets. According to experts, while the investment community is confident in the government program to reduce the UK budget deficit, London will remain a leader in investment. (Cushman & Wakefield, 2012)
The influx of foreign investment in the UK in the last 2-3 years is growing, aided by a favorable business climate created in the country. According to the above study, the investment advantages of the UK are starting a business, registering property rights, credit, taxation.
However, experts noted some problem, in their view, the issues of doing business in the UK as a license and hiring workers.
It should be noted that the UK is a world leader in terms of existing international treaties on avoidance of double taxation. Significant role in attracting foreign capital into the country are also bilateral agreements with other countries in the UK to promote trade and investment, and similar agreements in force within the EU.
A characteristic feature of the UK economy is its high degree of internationalization. Over 18% of its GDP is realized abroad, and import quota exceeds 20%. For the UK, in the last century has become "concentration" of the international division of labor, characterized by intra-industry specialization with broad development in parts and complex technological specialization. Although there are no sharp contrasts in district development, it allocates 10 economic regions in the degree of development of productive forces and production specialization, especially the formation of the economy, the predominance of existing regional industrial relations: South-East (the capital), West Midlands, East Midlands, Lancashire, Yorkshire, North East, North West, Wales, Scotland and Northern Ireland. (Solberg, 1992)
Business conditions in the UK and promising markets
The factors that provide competitive advantages to firms
Business in the misty Albion for a long time attracted entrepreneurs around the world. This is not surprising - after all, a country with a strong entrepreneurial traditions and customs. In addition, many businesses in England can get 100% to realize their entrepreneurial potential.
There are no restrictions for foreigners in matters of a business or real estate.
Great Britain - the island is not only in geographic terms. Kingdom stands out in terms of domestic law. Terms of business organization is different from other EU members and require fewer formalities and less capital. Registering a company takes place in 4 hours, and secondly, there is no need to make capital base. For example, in Germany for the opening of the company , it require € 25 thousand. In some EU countries, before registering the company, the future owners must obtain local tax included. Of course, for foreigners, this is additional procedure. In addition, almost all EU countries there is a need to make the charter capital of at least € 3-4 thousand. (UK National Statistics, 2012)
Britain today has attracted many businessmen to its legal framework and its conditions that allow the lowest cost and in a relatively short time to register a company. Despite the fact that the UK offshore in the full implementation of this concept does not belong to an offshore jurisdiction, but only in a few points corresponds to the parameters of offshore, this area is still quite respectable for the registration of companies. There are also a number of reasons why the name should remain offshore UK.
Market analysis of coffee
On the one hand, all market segments from luxury to affordable goods and services in the UK are fairly saturated.
England is a country of pubs and bars. In that country they have never been enough. In one narrow street may be situated side by side with dozens of nearly identical facilities, each will have a constant and loyal audience, bringing a steady income. One just have to find their audience and not disappoint her!
Coffee House is one of the most attractive concepts in many European countries, "public living rooms" have become an integral part of modern urban infrastructure.
The location and target audience of cafe certainly is important to the success of this type of business. Placement of the test object investment in this plan have a very favorable conditions.
Most of the young and promising names on the coffee market started appearing at the end of 1990. And this is true not only for Britain, where the idea of ??a coffee bar was picked up by networks catering faster than anywhere else in Europe. This situation is practically everywhere, even in the eastern part of the continent. From the perspective of entrepreneurs and consumers, coffee bars - it is no less prestigious than computer companies or design studios. At the same time among the players in this market lacks large corporations that have the resources for rapid growth and thus contribute to the accelerated expansion of the market. (Market for Coffee 2012).
Coffee bars are essentially part of the "fast-food world." The fact that they sell - it ten minutes rest from the bustle of everyday life. For an increasing number of people they have a daily treat, a small luxury that they can afford. Caffe latte and similar products are key elements in the development of this business. Before our eyes is emerging new culture of coffee consumption by many millions of European consumers. Selling price is not just the necessary items and an important part of the package price in this category with premium as coffee lovers are ready to pay for premium and quality.
Coffee bars are incredibly flexible in matters of size and their location. Singly or standing in the format "shop in shop", they manage to find a place anywhere.
coffee investment market advantage
1. Starbucks. Number one in the world has also become a leader in Europe for coffee.
2. Tchibo. The leading German company roasting coffee with a unique multi-channel sales system. It operates in seven European countries in various formats, coffee bars - from the mini-modules and kiosks to full stores. 800 establishments 500 of them are situated in Germany.
3. Costa Coffee. Established in 1985, the company is owned by White bread. The total number of coffee shops around the world - 936, of whom 686 are in the UK, where the network is superior in number of coffee houses Starbucks.
4. McCafe. The concept of 'shop in shop "from McDonald's, born in Australia and has appeared in 11 European countries.
5. Segafredo. This chain of coffee shops was established in 1998 with the points in 30 European countries, this brand has become one of the most common.
6. Caffe Nero. Caffe Nero - № 3 of freestanding stores. 102 points in London and 244 in other parts of the UK. Among the latest steps of the company - the development of mobile kiosks Nero Express for train stations. The brand emphasizes the creation of an authentic Italian atmosphere and a special blend of coffee varieties with the exclusive features of music and local color.
7. Caffe Ritazza. Coffeehouses format airports, train stations and roadside eateries created by SSP International, specializing in providing discounts on travel packages. Number of stores in Europe: 281 in 18 countries (United Kingdom - 181).
8. Caffe Revive. Cafeteria with a full range of espresso, which uses products Fairtrade, developed by Marks & Spencer for their stores. Establishments in Britain and Ireland have become more stylish and "fresh" in the last year or two. Some of the larger stores M & S also got "Barami delicacies" (7), "Hot food like hot cakes" (27) and "Kitchen M & S», where in addition to meals offered espresso menu.
9. Hema Koffiebuffet.
10. BB's Coffee & Muffins. In the UK, appeared in 1997 About 180 outlets, mostly under a franchise agreement - in the mall the UK and Ireland. The range is complemented by sweet coffee and hearty muffins freshly baked pastries offered around the clock. In addition, in some stores you can buy New Zealand natural ice cream, sorbets.
London - the capital of coffee
Less than 15 years since London's espresso cafe new wave spawned a boom of coffee houses across Europe. Early players like Aroma, Seattle Coffee and Madison's already left the scene, however, such international brands such as Starbucks, which opened its first European subsidiary in London's Kings Road in 1997 and has a large number of coffee bars in London (120) than in any other city in the world, showing significant activity. Another strong player is a member of the British Whitbread group company Costa, which, though numerically represented in the UK a large number of coffee shops, but entered the London market after Starbucks. However, recently it has started to develop much more active part, due to a more original approach to the selection of sites for new stores and franchising policy. These stores can be found in Banks (joint venture with Abbey National), supermarkets (Tesco), offices, bookshops (Waterstone's and WH Smith), as well as in more typical places - on the streets in the city center, railway stations, airports and shopping centers. (Starbucks Coffee Company, 2012)
Caffe Nero, the coffee brand number 3 in the UK, particularly firmly settled in London, with its 102 stores. All property of the company. Last year the company became even more pronounced with the installation of trading on the removal of mobile kiosks Nero Express main railway stations, where previously housed AMT. After attempts to divide the ownership of other firms the company returned in 2007 to the private sector, and company founder Jerry Ford became CEO and majority shareholder of the company.(Caffи Nero, 2012)
Coffee has become increasingly important and traditional bars. Network of bars with large rooms, J D Wetherspoon offers a wide selection of coffee in all its branches 685 (many of them - "oversize" bars in London and surrounding area) and has already invested about Ј 6 million in the necessary equipment and training. How to compare visits to bars, visiting coffee bars, remains a contentious issue, but Wetherspoon now expects to sell at least 500 cups per week in each of their establishments. The network is growing at a rate of 30 units per year and aggressively promoting the pricing policy more affordable than Starbucks (which has raised prices twice in 2007) and other brands of coffee bars.
Greene King, another giant chain of pubs, posted operating under a franchise agreement Coffee Republic branches in 30 of its bars, and next year plans to add 40 more.
In addition to price competition Wetherspoon is not a key factor in sales of coffee in London, where the average bill in a coffee bar reaches 3.32 lbs. Chain of sandwich bars, Benjy's, which once was known for a cappuccino 30p, went bankrupt in 2007, all the last decade, McDonald's coffee bars placed the McCafe with reasonable prices in some major institutions in London, but now there was only one coffee shop in the Birmingham area. New style of this network, which offers an extended selection of coffee in the main menu, it is considered more appropriate. (McCafй Coffee , 2012)
Hardly able to compete with the major brands of coffee, a hybrid point of the German network Tchibo became more noticeable in the London suburbs, mostly in the main streets of the suburbs. It is also one of the few coffee networks to advertise on television. Of the 76 points in 52 Tchibo is coffee-bar with a wide selection of drinks based on espresso, sandwiches, pastries and cakes next to the shelves with inexpensive goods for the home. In the largest institutions of 25-30 seats. At the coffee bar between 10 and 60% of overall sales, depending on the location of the point. (Tchibo Coffee Service, 2012)
London continues to dominate in the UK coffee business since about a third of departments stores all networks are in the British capital. Analyst firm Allegra Strategies describes the total number within the M25 ring road around London - 1055. On the rest of the UK - 2120. At the beginning of the decade, up from 626 and 1382, respectively. (Allegra Strategies, 2012)
Effect of brands did not stop the newcomers to enter in this market, and is believed to be about 20% of independent coffee bars in Britain opened just last year. However, the "big three" brands in the market are now pulling and leading, and there is increasing evidence that some of the brands of "second tier" will soon fizzle out in this race. Nevertheless, some of the smaller operators in London, offering a variety of menus and services continue to thrive. One such example can be Benugo, having five cafeteria in the capital, plus 15 branches in office buildings and two museums. (Allegra Strategies, 2012) Flat White, one of the newcomers, serves coffee in a style popular in Australia and New Zealand. The unusual name derives from coffee for a silky patterned foam, which is covered with a strong espresso. You can call other interesting Italian concept of the new wave, such as Spianata & Co and Amano. Cafe Coffee Day decided to enter the market in London for the sale of coffee with a new service by providing WI-Fi Internet access for their customers, as well as the sale of sandwiches, pastries and cakes and "carry away service" and use the sticker on the box: "Made today - sold for today" (no one is left alive sandwich at night:) Fresh - a key principle of this concept.
Key features of the London market
- The growing population. After decades of decline in London there is a net increase in population of 50-70 thousand people a year, according to some studies. The official population of London was about 7.5 million people in the middle of 2006, and the total population of the suburbs - 8.3 million people. (UK National Statistics, 2012)
- The local nature of the purchases of coffee requires a concentration of stores in key areas, although prices there are among the highest. Companies need to focus on the key elements of trade, depending on time of day, such as the organization breakfast, and in most running stores locations receive a maximum return in the evening. Caffe Nero is usually close later than other stores - no earlier than 7 o'clock in the suburbs and at 11 pm in some central branches (4 in the morning in Soho).
- Competition in the field of "caffeine sales" with well-known brands from other segments of the food market - from a long-established in the market sandwich networks such as Pret A Manger, EAT and the more expensive institutions such as Carluccio's, Paul, Apostrophe, and Le Pain Quotidien, to hundreds of "niche" cafe selling donuts, burritos, muffins, juice and pastries.
Assessment of risk and costs
Political, legal and economic risks
Country risk arises from the storage assets in another country and is linked to political, legal, economic changes and problems of control, as well as cultural and linguistic characteristics and geographical location. Country risk is relatively small in England. But do not forget that the concentration of its resources in only one market, increases its exposure to country risk.
Britain belongs to the minor political risk. Primarily a political risk include a variety of political crises and scandals, strikes and mass unrest, natural disasters and man-made disasters, military actions, the sovereign status of the country, changing the existing regime of sanctions and the international community. The political situation in the country for quite some time has been and remains stable. (Kevin, 2009)
By law include the risks associated with changes in legislation and intergovernmental agreements in the field of taxation, separation of products, tariff and non-tariff protectionism, tariffs, etc. The probability of tax changes is high, so they constitute the main source of risk. The rest of the UK legal regime is fairly stable and not prone to significant changes in that virtually eliminates the influence of these risks of doing business. Clarity and certainty to the UK legal system also minimizes the possibility of manifestation of the risks involved. (Michel Henry, 2003)
The group of economic risks include changes in the level of interest rates and inflation, they also are due to the interconnectedness of the economic systems of different countries. There are two main effects of the economic risk for the company in the event of adverse exchange rate changes:
¦ reduction of profit on future transactions. This is called the direct economic risk;
¦ loss of a certain part of the price competitiveness compared to foreign producers. This economic risk is indirect. (Meldrum, 2010)
For example, a coffee house located in the UK feels the constant need for supplies of coffee, which is estimated in U.S. dollars. The growth of the dollar will increase the cost of coffee in pounds sterling, which will increase the price of gold to drink in the future.
By indirect economic risk is costly changes and price competitiveness caused by the movement of exchange rates.
Competing firms may work abroad, achieving high sales volumes, increasing revenue and reducing operating costs by increasing production. This will enable them to improve their position in competition with firms that do not have to go beyond the boundary.
Although the British economy is out of the protracted crisis, the economy is barely creeping up very slowly. The recession lasted one and a half years and was the most protracted and deepest since the mid-1940s (when the volume of national output declined in the aftermath of World War II).
Indeed, the decline in GDP by 4.8% last year was the deepest since 1931, when production in the country dropped to 5.1%. British recession was the longest among the economies of the "Big Seven" who were in critical condition in an average of one year (however, in Italy, the recession lasted for five quarters). In fact, it was not the worst, if we evaluate the difference between the pre-crisis peak, and reached bottom. Here dubious "palm" keep Japan (8.6%), followed by Germany (6.7%) and Italy (6.5%). However, the earlier recovery of these economies means that in terms of decline in production - by 6.0% between 2008 and the beginning of the third quarter of 2009 - Britain surpassed only by Japan (7.7%) (UK National Statistics, 2012)
According to business research, market conditions, recovery is more confident, and labor market showed greater resistance than expected.
Inflation in the UK continues to grow. In 2009 it was 2.9% in 2010 - 3.7%. In 2011 - 4.4%. Inflation in the UK is likely to slow during 2012 to 2%, according to a quarterly report to the Bank of England inflation. At the same time, the British central bank believes that the timing and extent of decline is uncertain. (UK National Statistics, 2012)
Inflation will depend on the evolution of world prices, the degree of increase in inflation expectations, after a period of high inflation and how much the company will seek to restore profitability.
Projections also include raising the base interest rate the Bank of England from the current level of 0.5% per annum to 1% by 2011 and to 2% by the end of 2012.
Costs of organizing and conducting business
The minimum wage in the UK is Ј 6 per hour. In the same month it will be equal to 1014.12 pounds. (National Minimum Wage, 2012)
Over the past decade, coffee prices have reached "peak" mark because of the threat reduction in harvest due to drought in Brazil and Vietnam, is the largest supplier and producer of coffee in the world. According to the International Organization for coffee producers weather conditions significantly affect the amount of coffee crop. Thus, in recent years, the lack of rains in Brazil leads to a significant reduction in the production and supply in the market, namely the production of coffee here last season fell by 23% to 32.6 million bags, which supplies around the world have fallen to 114 million bags, up almost 6% less than last year. (Free Press ,2012)
Reduce coffee crop and therefore the proposal is accompanied by a volume growing demand in emerging markets, which have arisen due to rising incomes and consumer marketing campaigns to promote the drink. Over the past five years the demand for coffee rose 8% in the U.S. and nearly 6% in Europe, in the UK by 35%.
As for India, from which it will do for raw coffee Cafe Coffee Day, according to experts, India's coffee production in the next marketing year will increase by 6.7%, the yield will reach 322 250 tons of coffee, compared with 302 000 tones last year and Cafй Coffee Day can import raw coffee in substantial quantity from India due to bilateral trade agreement between two countries. India being earlier British colony, UK government has soft view for India and takes interests in its development. (Free Press ,2012)
The choice of the finished room for coffee of course is ideal. . First, the coffee shop in central London has a higher permeability and greater clientele. In addition, there is an opportunity to increase profits by expanding the terms of the coffee - it may be also open on weekends.
Ј 10,000 - weekly turnover of coffee (522 500 - annual turnover). 422 000 pounds - a possible annual profit. In view of the profit tax of 30%, a profit of 295400 pounds.
If we consider a draft to the hotel - the current rental income from the upper floors of Ј 70,440 per month (845 280 - annual turnover) Subject to income tax at 30%, a profit of 591,696 pounds. If the proposed purchase, along with apartments, we can say that after three years the project will be repaid.
In addition, there is an opportunity to increase profits by expanding the terms of the coffee - it may be also open on weekends.
The main advantages of the British companies must include the following:
* The high international prestige of Great Britain as an EU member.
* Extensive use of British companies (as an ordinary resident, nominal holding, non-resident).
Britain is a country with stable political situation, low country and the legal risks. Britain also took 6th place in the rankings on the business.
To open a business, you must be sure that he will be in demand. There are currently opening coffee shops can be an excellent option for business in London. This is facilitated by the growing popularity of coffee shops in the country and especially in its capital. The advantage is the fact that the coffee surprisingly resilient in matters of size and location.
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Caffи Nero (2012), from http://www.caffenero.com, accessed on January 05, 2012.
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Free Press (2012), from http://www.freepressjournal.in/news/20001-Coffee-exports-in-2011-may-touch-record-300-000-tonnes.html , accessed on January 04, 2012.
Kevin W. Lu, Gero Verheyen, Srilal Mohan Perera (2009). Investing with confidence: understanding political risk management in the 21st century, World Bank Publications, pp.167-244.
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National Minimum Wage (2012), Low Pay Commission Report 2011, from http://www.lowpay.gov.uk/lowpay/report/pdf/Revised_Report_PDF_with_April_date.pdf, accessed on January 05, 2012.
Nigel Evans, David Campbell (2003). Strategic management for travel and tourism, Butterworth-Heinemann, pp. 120-144.
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Starbucks Coffee Company (2012), from http://www.starbucks.com , accessed on January 07, 2012.
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