SA-born Cibo Espresso’s Rundle St, Bank St, King William St outlets shut
An SA-born popular cafe chain’s two prominent CBD outlets have shut while one has been put on ice, but its Victorian owner says it is pleased with how the remaining 26 stores are performing.
SA Business
Don't miss out on the headlines from SA Business. Followed categories will be added to My News.
SA-born Italian coffee chain Cibo Espresso has stopped trading at three iconic locations around Adelaide, but Victorian owner Retail Zoo is pleased with how the business is performing locally.
Retail Zoo confirmed the Cibo cafes on Bank Street and Rundle Street were shut a couple of weeks ago due to end of lease or poor localised trading conditions that pre-date COVID-19.
Meanwhile, the cafe on the corner of King William Street and Grenfell Street has been put on ice until “CBD footfall returns fully”, it said.
Shark Tank ‘shark’ and businesswoman Janine Allis is the founder of Retail Zoo, which also owns Boost Juice Bars, Salsas Fresh Mex Grill and Betty’s Burgers & Concrete Co.
“We’re very pleased with the performance of Cibo during the Covid-19 pandemic,” Retail Zoo chief marketing officer Joanne Bradley said.
“The excellent management of Covid-19 by South Australians and the South Australian government has reflected positively in our network sales.”
“The Cibo business has proven very resilient,” she said.
“We are excited to announce that we will be opening a new company operated store in Harbour Town Premium Outlets in October.”
The remaining 26 stores, including the company-owned Hyde Park outlet, remain open.
Twenty-five are franchisee-operated.
There is one Cibo Espresso outlet at the Newcastle Airport in NSW, and one in Brisbane, which is currently closed.
Adelaide businessmen Roberto Cardone, Angelo Inglese, Salvatore Pepe and Claudio Ferraro founded Cibo Ristorante in Adelaide in 1996, which spawned a collection of Cibo Espresso stores.
Cibo Espresso was sold to Retail Zoo in 2012 in a deal believed to be worth about $15 million.
Cibo’s founders still own and operate the Windsor Gardens-based Cucina Classica food business, which produces exclusively for the Cibo Espresso stores.
Mr Cardone said while the operations of the cafes were Retail Zoo’s business, the COVID-19 shutdowns and closure of stores had also impacted the foods business.
“The government support has been great, and it has given us the time to look at our business and bring in much-needed diversification,” Mr Cardone said.