Golden Trust plans to expand its store system through sub-franchising
Gong Cha store in Vietnam. Photo: Gong Cha
Gong Cha recently held a global franchise conference with nearly 30 countries represented.
Martin Berry, founder and chairman of Gong Cha Global, stated that Gong Cha is the only bubble tea brand leading the global market share in terms of the number of countries with franchises (29 countries) and 1,906 stores. The Alley (21 countries) and Sharetea (13 countries) follow closely behind.
Gong Cha CEO Paul Reynish aims to reach 10,000 stores by 2030. Some policies for franchise partners in various countries may also be adjusted to be more suitable.
In Vietnam, Golden Trust Company is granted exclusive franchise rights to operate and manage the Gong Cha brand. Compared to other countries and regions, Gong Cha Vietnam has an average number of stores, but it is evaluated as a vibrant market (in terms of the number of cups sold), with reasonable and lower prices than other countries in the region.
Starting from March, the system of 38 Gong Cha stores in Vietnam officially added coffee to the menu, using entirely Vietnamese coffee beans with prices ranging from 39,000 to 50,000 dong. The company representative that this is an effort to diversify products to adapt to the difficult business situation caused by the global economic downturn.
However, bubble tea is still Gong Cha’s main product with great potential as it is the most searched and discussed beverage category in the latest food list, according to Reputa.
In addition, Golden Trust also plans to expand its store system through the opening of additional sub-franchise “quotas”. In previous years, the company was very limited and cautious in terms of franchise rights.