ST. AUGUSTINE, Fla., July 11, 2018 /PRNewswire/ -- At a time when consumption of global spices and loose-leaf teas is reaching an all-time high and consumers are placing an increased value on positive, in-store experiences, The Spice & Tea Exchange is rapidly emerging as a frontrunner in the booming global tea market, which is expected to reach $47 billion by 2020.
The Spice & Tea Exchange, a gourmet spice and tea retail franchise with 60+ franchise locations around the United States, experienced robust store profitability and system growth in 2017 with 30 percent year-over-year increase in tea sales and the opening of five new stores.
Driving the retail brand's consistent, strong performance is an engaging, in-store atmosphere, where visitors are immersed in a sensory experience upon arrival. Store guests can freely explore more than 140 spices, teas, seasonings and gourmet gifts. In addition, The Spice & Tea Exchange recently introduced an interactive tea bar, in which visitors can enjoy a flavorful cup at any time. Popular tea flavors include Blood Orange Smoothie, Ginger Turmeric, Coconut Oolong, Emperor's Chai and Black Chocolate, among others.
The brand broke into several new markets in the past year, including Venice, FL; Duck, NC; and Galveston, TX. In addition, the company signed 9 franchise agreements in the first five months of 2018 alone. The impressive growth has earned The Spice & Tea Exchange a spot on Entrepreneur magazine's prestigious Franchise 500® list for the fourth straight year, ranked at No. 279. The company was also featured in the magazine's recent list of Top 200 Restaurant Franchises, listed at No. 6 under the Retail Food section.
Alongside its already strong presence in tourist-heavy areas, The Spice & Tea Exchange is seeking franchisee candidates to open stores within larger, more traditional markets, including Atlanta, Phoenix and New York. The company's mission of Creating & sharing the experience of a more flavorful life attracts enthusiastic franchise owners from all walks of life – from young entrepreneurs to seasoned corporate executives, small business owners and multi-unit franchise veterans.
"By capitalizing on the increased demand for new flavors and healthier caffeine options, The Spice & Tea Exchange is rapidly expanding throughout the nation," said Amy Freeman, CEO of The Spice & Tea Exchange. "Approximately four in five consumers drink tea, including 87 percent of millennials. The demand for our products, as well as our customer service-focused store experience, creates an enormous amount of opportunity for the company to grow nationwide."
The Spice & Tea Exchange's success proves that consumers still crave engaging in-store shopping experiences – even in a digital, technology-driven world. Each store resembles an eighteenth-century trading post, with flavorsome aromas and a charming atmosphere. Visitors are encouraged to open jars of fragrant seasonings and receive helpful cooking advice from passionate, engaged staff. Guests can also watch employees hand-mix custom spice blends, brew teas and craft unique gifts.
"We take pride in the interactive, memorable shopping experience that The Spice & Tea Exchange offers and look forward to introducing the brand to new communities in 2018," Freeman said. "We are rolling out new and exciting products this year including additions to tea bar service in stores, cooking kits for young chefs, additions to our Chef to Table™ Recipe kit line, and more. We can't wait to see how our guests enjoy the new offerings inside the store and at home."
About The Spice & Tea Exchange
The Spice & Tea Exchange® was founded in 2008 with a vision to create a one-of-a-kind retail shopping experience. The company has 60+ franchise stores across the United States, providing guests with more than 140 spices, 85 exclusive hand-mixed blends, over 30 exotic teas, naturally-flavored sugars, salts from around the world, gourmet gifts and accessories. For more information, visit https://www.spiceandtea.com/. For franchising information, visit http://franchise.spiceandtea.com/.
Media Contact: Reema Nimkar, Fishman Public Relations, 847.945.1300 or [email protected]
SOURCE The Spice & Tea Exchange