Starbucks looks to double stores in China and triple revenue

Starbucks looks to double stores in China and triple revenue

Today, there are 3,300 green and white storefronts in 141 cities across the country, amounting to a new store opening every 15 hours.

"No Western company or brand is better positioned to evolve with the rapidly expanding Chinese middle class - and we continue to mindfully evolve a coffee culture in China where the reward will be healthy, long-term, profitable growth for decades to come", Johnson said. Its business is growing must faster than the expectations in China and in other countries too. "We are not immune to it, but we take a long-term view".

Starbucks has set some major goals for the chain's future in China. An American Seattle coffee chain Starbucks recently announced to build new 3,000 coffee stores in China over the upcoming years, however, the company anticipating the double numbers of coffee shops in the world's second-largest economy before the end of 2022.

The strategy was announced out of the coffee giant's first investor conference in China this week, where attendees heard that between 2017 and 2022, about 600 new stores will open a year across the mainland - a figure that will almost double the brand's presence across the country.

The Seattle-based firm is facing increasing pressure in the U.S. from high-end coffee shops and cheaper rivals and so it has turned its attention to the lucrative Chinese market.

While same-store sales in the U.S. have been weaker than expected, strong performance in new stores means the firm is still on track "to deliver United States growth within the targeted range that we've given of high single-digits", Johnson said.

It's no secret that Starbucks (SBUX) is laser-focused on growing its presence in China, and the java giant announced Tuesday plans to ramp up store openings to 600 annually. Consumers are also shopping more at home, shunning brick-and-mortar retail for e-commerce. Less than two years ago, the chain created goals to lift its store count to 5,000 by 2021, which was already a slightly accelerated version of its previous targets.

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