The Starbucks of boba
In an effort to raise the boba industry’s barriers to entry and upgrade its image, Wang purchased two office buildings in New Taipei City’s Wugu District. He then spent several hundred million NT dollars renovating and decorating them in a Zen style, creating the Bubble Milk Tea Concept Hall and the Bubble Milk Tea International Training Center.
He says that whereas Taiwanese see boba as nothing more than a streetside snack, people in other nations view it as something different and special. Since the necessary ingredients, equipment, and labor are also all much more expensive abroad, foreign boba shops have to tweak their business strategies. “The best first step is to raise the barriers to entry. Starbucks, for example, holds itself to a high standard in order to justify the expense of its coffee beverages.”
Bubbleology, a London bubble tea shop, exploded into popularity last year. Company owner Assad Khan, a former investment banker, is a graduate of Possmei’s program. Introduced to bubble tea in New York’s Chinatown during a stint working in the city, Khan quickly picked up a four-to-five-glass-per-week habit.
After transferring back to London, Khan went in search of a local fix. When his efforts failed to yield results, he realized there was huge potential for an authentic version of the Taiwanese treat in the UK. He subsequently quit his highly paid investment banking position and traveled to Taiwan. There, his efforts to learn how to make the drink properly and find suppliers led him to Wang.
With Possmei’s guidance, Khan opened his first Bubbleology in London’s Soho district. The shop, with a color scheme based on black and an exterior that looks like a fashionable coffee shop, has a very different feel from the “streetside casual” of Taiwanese bubble tea stands. The drinks are more expensive as well, starting at £2.95 (about NT$140), or about four times their price in Taiwan.
Khan now has Bubbleologies in London and Warsaw, selling over 500 servings of bubble tea per day. The company is also preparing to open an outlet in Prague, and has plans to move into the Middle East.
Possmei guided the establishment of BoboQ, the most popular boba chain in Berlin.