Favorable Spice, Tea Industry Trends Leads to Growth
Palm Harbor, FL (RestaurantNews.com) The U.S. tea industry topped $10 billion last year, while the spice industry was calculated at $5 billion. Enter The Spice & Tea Exchange® (TSTE®), the franchise at the forefront of both growing industries, providing more than 140 spices and 75 exclusive hand-mixed blends, naturally-flavored sugars, salts from around the world and more than 30 exotic teas to guests of all 40 locations across the country. Looking to spread its unique eighteenth century trading post concept and reputation as a leading provider of gourmet spices, seasonings and teas, the franchise named on Entrepreneur Magazine’s 2015 Franchise 500® is now targeting expansion nationwide.
Befitting the company’s old world theme, TSTE® is aiming to bring the flavorful spice and tea options to customers seeking the unique tastes and scents that have made it a player in both multi-billion dollar industries. Spices beyond conventional grocery store mainstays have entered the mainstream as consumers are adding previously unheard of options to create bold new flavors. Food Processing Magazine recently listed spices as one of most popular food trends of 2015.
But beyond general industry growth, TSTE® is buoyed by its own favorable growth trends. From 2011 through 2014, TSTE® reported total retail sales growth of 118.93 percent, with retail sales growth of 22.27 and average single store growth of close to eight percent projected for 2015.
These trends, said TSTE® President of Franchising Clay Freeman, represent more than just a passing interest in spice and tea.
“The right spices can make all the difference in a dish and that’s not something that goes out of style,” said Freeman. “People are literally spicing up their meals with salts, peppers, sugars, blends and more. Whether adding the final touch to make a dish gourmet or turning a bland food into a flavorful one, spices make the most out of food. An Earl Grey Crème or Sweet Matcha tea adds to the experience.”
Generally located in areas with heavy foot traffic, including tourist destinations and areas that host frequent events and festivals, TSTE® is planning to open 15 new franchised locations in 2015. In May, locations in Evanston, Illinois; Branson, Missouri; and Ocean City, Maryland are scheduled to open, each being the first to their respective markets.
About The Spice & Tea Exchange
Founded in 2008 by Clay Freeman, The Spice & Tea Exchange® was formed by a group of talented individuals with a passion for life and a passion for food. Their vision, to create a one-of-a-kind shopping experience, brought the 18th Century Trading Post concept to life, providing guests with more than 140 spices and 75 exclusive hand-mixed blends, naturally-flavored sugars, salts from around the world and more than 30 exotic teas. The Spice & Tea Exchange® currently has 40 locations across 24 states and the District of Columbia. For more information, visit https://www.spiceandtea.com. For franchising information, visit http://franchise.spiceandtea.com.
Sanderson & Associates