Larry’s Markets, one of the premier grocery operators in the Pacific Northwest, announced yesterday an agreement with Peet’s Coffee & Tea, Inc. (Nasdaq: PEET) of Emeryville, Calif., a specialty coffee roaster and marketer. Under the agreement, Larry’s will convert its Lorenzo’s Coffee kiosks to a Peet’s Coffee & Tea branded coffee and tea store inside each of its six grocery store locations. The phase in will begin in mid-June with an anticipated grand opening of the stores sometime in September. Peet’s will sell fresh whole bean coffee, hand-selected teas and brewed coffee and tea beverages from the branded stores within Larry’s. Additionally, Larry’s will display Peet’s coffees in the coffee section of each store. The Peet’s stores will be managed and operated by Peet’s employees.
“At Larry’s Markets, we are constantly looking to provide our customers with not only the best products and customer service possible, but also with exciting and new products that give them something original to enjoy. We know that Peet’s Coffee & Tea will bring our customers the freshest and highest quality coffee and unique tea products. We are excited that Peet’s will be entering the Seattle market through our partnership,” said Mark McKinney, President and CEO of Larry’s Markets.
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“We are extremely excited and proud to be entering the Seattle market with a quality partner such as Larry’s Markets,” commented Chris Mottern, chief executive officer and president of Peet’s. “The Peet’s branded store concept within the six Larry’s locations will provide us with immediate market presence. This is a strong Peet’s market, with an already solid base of customers through our mail order business. Additionally, we gain access to potential Peet’s customers who are attracted to the quality products and outstanding customer service offered by Larry’s.” Mr. Mottern concluded that, “The goal of Peet’s ‘store within a store’ concept is to offer Seattle customers an authentic Peet’s experience that matches our original owned-and-operated Peet’s stores, combined with the convenience of shopping at Larry’s Markets.”
The partnership with Larry’s Markets supports Peet’s multi-channel business strategy that targets customers such as specialty food stores, fine restaurants and office accounts. Peet’s is highly selective in developing its wholesale partners. These partners must adhere to the company’s strict freshness and quality standards to ensure that their customers enjoy Peet’s coffees and teas at their best.
About Larry’s Markets
Family-owned for over 50 years, Larry’s Markets are considered the first and foremost of Northwest premier grocers with a tradition of superior customer service and high quality products at competitive prices. Their commitment to the community includes buying fresh produce from local growers, supporting Northwest food producers and wine makers and offering environmentally friendly foods and household products. Larry’s Markets fosters relationships with small purveyors such as Wilcox Farms Dairy, Snoqualmie Farms Ice Cream and Full Circle Farms Organic Vegetables. Larry’s Markets, locally and family owned since 1945. For more information on Larry’s Markets, visit them on the web at www.larrysmarkets.com.
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By GlobalDataAbout Peet’s Coffee & Tea
Founded in Berkeley, CA in 1966, Peet’s Coffee & Tea, Inc. is a specialty coffee roaster and marketer of fresh, deep-roasted whole bean coffee for home and office enjoyment. Peet’s fresh-roasted coffee, hand-selected tea and related items are sold in several distribution channels including specialty grocery and gourmet food stores, online and mail order, office and restaurant accounts and 59 company-owned stores in four states. Peet’s is committed to strategically growing its business and to maintaining a unique culture and focus on customer satisfaction. For information about Peet’s Coffee & Tea, visit www.peets.com or call 800-999-2132. Peet’s Coffee & Tea, Inc. shares are traded under the symbol PEET.
This press release contains statements that are not based on historical fact and are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Because of the uncertainties inherent in these forward-looking statements, our actual results could differ materially form those set forth in forward-looking statements. The Company’s estimates regarding our operations and financial results are based on currently available operating, financial and competitive information. Actual future results and trends may differ materially depending on a variety of factors including but not limited to, coffee and other raw material prices and availability, successful execution of strategies and plans for expansion, competition, general economic conditions, the popularity of specialty coffee due to consumer trends, health factors or other issues, as well as other risk factors as described more fully in the Company’s filings with the Securities and Exchange Commission, including our final prospectus filed on January 25, 2001.
