Greece-based Coffee Island, a coffeehouse and roastery brand mostly operating on a franchise basis, aims to reach 2021 levels, even amid an ongoing surge in inflation and commensurate pressure on household incomes, company CEO Konstantinos Konstantinopoulos told OT this week.
“Greek consumers haven’t cut out coffee, they’ve instead become more skeptical over the past weeks, and this is demonstrated more and more,” he said, commenting on rising coffee prices, in tandem with an energy crisis and higher transport costs.
Although pandemic-related “lockdowns” are a thing of the past, coffeeshop owners and corporate offices report that levels have still not returned to pre-2019 levels, despite what appears to be a record-breaking season for Greek tourism in 2022.
Konstantinopoulos said Coffee Island outlets are attempting to absorb the higher cost of coffee, as a raw material, as much as possible, in order to support the resilience of franchise-holders, associates and to maintain job spots.
Coffee Island now figures as the most prominent storefront brand in terms of coffeeshops in the east Mediterranean country, both in terms of outlets in Greece and overseas.
Specifically, 427 Coffee Island outlets operate in Greece, four of which are run by the parent company, in 110 cities. Another 45 outlets operate in Cyprus, while another eight outlets operate in six countries: Canada, UK, Switzerland, Romania, Egypt and the UAE.
Konstantinopoulos said the company is now attempting to promote more food items and snacks as part of its menu, with the latter category now accounting for 25 percent of sales.
Latest News
DM Dendias: We talk With Turkey But We Always Bring Up Their Unacceptable Positions
Second and last day of closely watched conference, entitled 'Metapolitefsi 1974-2024: 50 Years of Greek Foreign Policy', also included appearances by PM Mitsotakis, Ex-PM Tsipras and PASOK leader Nikos Androulakis, among others
Rhodes Airport Tops Fraport Greece’s Regional Airports in 2024 Performance
According to Fraport's data, more than 35 million passengers (specifically 35.2 million) were handled by Fraport-managed airports during the 11 months.
European Central Bank Cuts Interest Rates by 25 Basis Points
It is the fourth cut of interest rates by Europe’s central bank, a move expected by the markets and financial analysts leading to the rate settling at 3%.
Airbnb: New Measures Add €600 in Extra Costs for Property Owners
Property managers face an immediate administrative fine of 5,000 euros if access to the inspected property is denied or any of the specified requirements are not met.
Economist: Greece Included in the Best Performing Economies in 2024
Meanwhile, Northern European countries disappoint, with sluggish performances from the United Kingdom and Germany.
EasyJet Expands Its Routes from Athens
The airline’s two new routes will be to London Luton and Alicante and they will commence in summer 2025.
Capital Link Forum Highlights Greece’s Economic Resurgence; Honors BoG Gov Stournaras
Capital Link Hellenic Leadership Award recipient, Bank of Greece Gov. Yannis Stournaras, an ex-FinMin, was lauded for his pivotal role during Greece’s economic recovery
Tourist Spending in Greece Up by 14%, Visa Card Analysis Shows
Greece’s capital Athens emerged as the most popular destination, recording a 17% increase in transactions with Visa cards, surpassing even the cosmopolitan island of Mykonos.
Inflation in Greece Unchanged at 2.4% in Nov. 2024
The general consumer price index (CPI) posted a 0.4% decrease in November compared to the previous month
2024 Christmas Holidays: Extended Shop Hours Schedule
The 2024 Christmas Holidays extended shop hours schedule commences on Thursday, December 12 and runs until the end of the year.