Urban Tea Inc. (the “Company,” “we” or “Urban Tea”) (NASDAQ: MYT), a premier retailer of specialty teas and baked goods headquartered in Hunan, China, announced that it has begun planning for the opening of a new store in New York City.
MYT currently has two stores in NYC, Meno, a store offering tea-based beverages and light snacks, as well as Crop Circle, a store offering its featured “guokui,” a popular street snack originating from northern China’sShaanxi province, as well as other popular Chinese street food. MYT is currently planning to open a third store combining the offerings of both popular street food and tea-based beverages in NYC. It is currently in the planning phase and working on product development and selecting an address for the new store.