Reuters reports that Starbucks Coffee International (NYSE: SBUX) has elected not to exercise its option to increase its ownership interest in Starbucks Coffee International, a joint venture that was formed in 2002 between Starbucks Coffee International, Inc., a Washington corporation, and SC de Mexico, S.A. de C.V., an affiliate of Alsea, S.A.B. (MX: ALSEA), one of Latin America’s leading fast-food franchise operators and foodservice distribution companies.

The joint venture agreement gives Starbucks the option to increase its participation in SC de Mexico from 18% to 50% until 2012, according the the Reuters report.  SC de Mexico is operated by Alsea.

Alsea has opened more than 200 Starbucks coffee shops since the brand first entered Mexico just over five years ago and now stores are opening throughout the country at one of the fastest rates in the world amid sluggish coffee sales in the United States, the report said.

In September 2008, the Director General of SC de Mexico announced that Starbucks would increase its stake in the joint venture in 2009.  The change of course is perhaps a signal that the deepening global financial crisis has forced the company to reign in spending.