Urban Tea to Open First Overseas Tea House in New York
Urban Tea Inc. (Nasdaq: MYT) prepares to open its first overseas store in New York City.
The Hunan-based specialty teas and baked goods retailer named its new store "Meno" and is planning to have a trial opening on July 15, with a grand opening to follow in August, assuming New York City will reopen from lockdown.
Considering the current Covid-19 situation, the company reported in today's announcement that it will open the tea house with social distancing measures and other sanitary procedures in place. Additionally, all staff will be screened for the coronavirus before shifts, wear masks and gloves, as well as practice proper handwashing and food safety protocols.
Long Yi, the chief executive officer of Urban Tea, stated: "We are excited about our plan to open our first overseas store Meno in NYC during the summer. This marks the first milestone in our long-term overseas operation plan."
He added, "Although Meno was initially planned to be opened in early 2020, the evolving COVID-19 situation has delayed our plans. Although opening a new store during a pandemic is challenging and we understand that it may take some time to ramp up the business during this time of uncertainty, our team has been working tirelessly to make this happen and to continue looking towards the future."
Earlier this month, the company announced that it received approval from the Commercial Franchise Enterprise Administration in May and was approved to seek franchisees for growth opportunities throughout China.
The stock in Urban Tea was trading at $1 per share in the afternoon Wednesday.
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