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Starbucks unveils massive China plan to open 2700 stores, triple revenue

17 May 2018

Starbucks is the dominant figure in the coffee scene of China, although it has seen increased competition from much smaller rivals, the same way it has come under pressure from boutique coffee roasters and less expense rivals across the U.S. The idea is to expand the company's revenue three-fold in China over this span, while also doubling its operating profit in the country between 2017 and 2022.

Late a year ago it launched its first overseas "Reserve Roastery" - an opulent flagship store with gourmet coffees and a bakery - in Shanghai, where executive chairman Howard Schultz told Reuters store numbers in China would hit 10,000 within a decade, overtaking even the US market. The flagship store that has gourmet coffee and baked goods, is located in Shanghai and Howard Schultz the executive chairman said that store numbers across China would reach 10,000 within the next decade and eventually overtake the market in the U.S.

Starbucks Corp is laying out an ambitious plan to compete with KFC in the race to become China's fastest-growing foreign food chain by opening 600 new stores annually and more than tripling revenue by 2022. It has around 3,300 stores in 141 cities in China now. "China has an extensive runway of opportunities for Starbucks". Yum China Holdings Inc, which separated from Yum!

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The push in the world's second-largest economy comes as its stores in the United States face fierce competition from up-and-coming regional coffee houses and steep discounting from fast-food rivals. Consumers are also shopping more at home, shunning brick-and-mortar retail for e-commerce.

"Our company has a strong, healthy, responsible business with purpose-driven values that celebrates our incredible 47 years of coffee expertise in sourcing, roasting, blending and handcrafting some of the world's finest coffees", Wong said "The strong trusted relationships between our partners and customers give me great confidence in our ability to deliver our long-term growth while continuing to make investments in China, for China".

Starbucks and Nestle recently inked a $7.15 billion deal, giving Nestle the rights to sell packaged Starbucks coffee overseas. It is bringing a brand new line of pre-made chilly tea and occasional toChina subsequent month. Currently, 60 per cent of transactions in its China stores are through mobile payment.

Starbucks unveils massive China plan to open 2700 stores, triple revenue