An Israeli coffee chain which brought down the prices in coffee shops across the country announced Thursday that it will raise its prices… a little.
Cofix entered the market in 2013, selling coffee and other foods for a flat price of NIS 5 ($1.35) per item. However, due to rising market prices, from Sunday the chain will raise that to NIS 6 ($1.60).
In the past couple of years, the no-frills cafe concept led to a host of other similar coffee bars opening and forced their well-established competitors to lower their prices in response.
In a Facebook post, Cofix announced that prices will go up in all its 131 outlets. Fourteen of those branches are Cofix Bars, which sell alcoholic drinks in addition to coffees and other items.
However Super Cofix, a separate chain of 20 Cofix-based supermarkets, will continue to sell all of its 800 items at NIS 5.
“The price increase will allow us to continue to remain a strong chain,” the announcement read, “to increase our range of products and to bring the revolution to an additional 100 sites, places where until now it was not feasible to open a branch of Cofix at the price of NIS 5.”
The announcement claimed that the chain has revolutionized the market in the past three and a half years, and will continue to do so.
According to its website, in addition to coffee and teas, Cofix sells sandwiches, pastries, stews, juices, health products, desserts, ice cream, dairy, breads, fruits, vegetables, snacks and even non-food items.
Cofix was listed on the Tel Aviv Stock Exchange in 2015 with the company valued at NIS 90 million ($24 million).
In October 2016, Cofix opened its first branch outside Israel, near Moscow’s Red Square, and it has plans to expand operations to London.
All Cofix branches are kosher.