Alsea's European Starbucks Shows Promise, but Latin America Beckons

Jan de Vries · 2026-04-30

### A Glimpse of Recovery in Europe Alsea, the massive restaurant operator, is finally seeing some green shoots in its European Starbucks business. After a tough few years, things are starting to look up. But here's the thing: while Europe is stabilizing, the real excitement is happening in Latin America. It's easy to focus on the short-term wins. And sure, Europe matters. But when you step back, the bigger picture shows where the true growth lies. And that's south of the border. ### Why Latin America Is the Bigger Prize Latin America isn't just a backup plan. It's the main event. Here's why Alsea is betting big on the region: - **Higher growth potential:** Markets like Mexico and Brazil are expanding faster than mature European ones. - **Lower saturation:** There's still plenty of room to open new stores without cannibalizing existing ones. - **Stronger brand loyalty:** Starbucks has a cult-like following in many Latin American countries. - **Favorable economics:** Lower operating costs and higher margins make for a more profitable business model. Alsea knows this. They've been investing heavily in their Latin American operations. And it's paying off. ### What This Means for Investors If you're watching Alsea, don't get distracted by the European recovery story alone. Sure, it's nice to see sales perking up in places like France and Spain. But the real money is in Latin America. Think about it like this: Europe is a mature market. You're fighting for every percentage point of growth. Latin America? It's still a growth story. And Alsea is positioned perfectly to capitalize on it. > "The potential in Latin America far outweighs what we can achieve in Europe over the next decade." - Industry analyst ### The Takeaway Alsea's European Starbucks business is showing signs of life. That's good news. But don't let it distract you from the bigger story. Latin America is where the real prize is. And Alsea knows it. For anyone following the coffee industry, this is a reminder: sometimes the biggest opportunities aren't where you expect them. Keep your eyes on the regions that are still growing. That's where the future is.