ChaPanda, a Chinese new-style tea chain, will open 30 shops in South Korea this year after opening its first overseas outlet in Seoul’s Gangnam district in January.
ChaPanda chose South Korea as its first overseas stop because it boasts eating habits similar to those of China, is economically developed, and has a huge beverage market, Wang Huan, who manages the firm’s local business, told Yicai yesterday. There are only 2,000 milk tea stores there, meaning it is still a blue ocean market, he added.
Competition in the Chinese tea market has significantly increased over recent years and new-style tea brands have begun expanding overseas. ChaPanda has four stores in South Korea, two in Thailand, and two in Australia…
