Two earlier rounds netted $600,000, but in their third the company received commitments for $3 million, more than double the target figure of $1.2 million. A key ingredient for the success of the coffeeshops was location, and the couple was determined to lock in good sites before Starbucks arrived on the scene.įour Caribou Coffee shops marketed espresso drinks, baked goods, coffee beans, and branded merchandise as a new round of financing was put in motion in September 1993. The Pucketts opened their second shop in the robust Uptown area of Minneapolis. The specialty coffee industry's annual sales were about $780 million in 1993. On a larger scale, Folgers, Kraft General Foods, and Nestlé, entered the market with their own gourmet grinds, and the Seattle-based Starbucks coffeehouse chain went public in a push to become a national chain. and franchise operations including Chicago-based Gloria Jean's Coffee Beans. They ranged from eclectic neighborhood hangouts with names like Muddy Waters to locally owned microroaster/coffeeshops such as Dunn Bros. In the Twin Cities, the Pucketts' first shop, located in the affluent suburb of Edina, joined other coffee vendors already on the scene.
#Caribou coffee tumbler mug life is short stay awake for it 18oz plus
High gross profit margins on individual cups of specialty coffees, plus good return on investment, and relatively low start-up costs, drew scores of entrepreneurs such as the Pucketts to the business. coffee consumption had fallen during the 1960s, 1970s, and 1980s, the decline took the biggest bite out of the mass-produced ground variety of coffee sold in supermarkets. In general, the gourmet coffee business was on an upswing. Family, social, and school connections paved their way into the investment community and allowed the Pucketts to open their first coffeehouse that December. In addition to possessing positive demographics, the region was a known commodity: the home turf of Kim Puckett. The pair moved to Minneapolis in the summer of 1992, following a six month analysis of potential markets. "What really interested us in coffee was, at the time, it was just booming in Boston, same thing that's happening in Minneapolis ," John Puckett said in a January 1994 Twin Cities Business Monthly article by Allison Campbell. The Pucketts, one-time regulars at the Coffee Connection, a small Boston chain, spent about a year researching the coffeehouse concept and looking for ways to improve on it. Kim worked for General Mills, Dunkin' Donuts, and the Chase Manhattan Bank, and John served as a consultant with Bain & Company and as an investment banker for Merrill Lynch Capital Markets where he specialized in mergers, acquisitions, and leveraged buyouts. Kim and John, both graduates of Dartmouth College's school of business, gained experience in finance and marketing prior to striking out on their own. Kimberly and John Puckett were inspired during the trip to do something larger with their lives and consequently formulated an idea for a business of their own. The Caribou story begins, as legend has it, with an Alaskan wilderness vacation. Caribou Coffee is positioned to take the leap from regional operator to national player in the rapidly growing gourmet coffee industry. The Minneapolis-based company operated 125 stores in six states at the beginning of 1999 and was estimated to be the second largest company-owned and operated coffeehouse chain. is a privately held, neighborhood-based, specialty retailer of high quality coffees, teas, bakery goods, and related merchandise. The company was founded with the intent of building a leading national specialty retailer in the high growth industry of gourmet coffee.Ĭaribou Coffee Company, Inc. The beauty and incessant movement of these caribou seemed to be a fitting name for a company that aspired to both rapid growth and high quality.
On the descent, they saw a herd of wild caribou. They began plans to build a special company that would bring the mountain experience into local neighborhoods where customers could find a place to "escape the daily grind" each and very day.
On the summit of Sable Mountain in Denali Park, they decided they wanted to build a company to capture the spirit of accomplishment they felt during the climb. The Caribou Coffee concept was created after the company's founders backpacked through Alaska. NAIC: 722213 Coffee Shops, On Premise BrewingĬaribou Coffee was founded in December of 1992 by Kimberly and John Puckett.
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