Starbucks aims to double its China store count by 2022

Starbucks aims to double its China store count by 2022

Starbucks aims to double its China store count by 2022

The company also announced plans to more than triple revenue and more than double operating income in China by the end of fiscal year 2022, relative to fiscal year 2017 levels. A deal of $7.2billion with Nestle previously this month offers Starbucks all the cash it requires to pursue its goal of expanding in China, which is within a decade is set to become the largest market of Starbucks.

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.

There are now around 3,300 Starbucks locations in China, which means the company is looking to almost double its overall store count over the next four years. "We are committed to long-term investment in China".

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Today, there are 3,300 green and white storefronts in 141 cities across the country, amounting to a new store opening every 15 hours. Income in China and the Asia-Pacific area jumped 54% final quarter in contrast with the identical interval a 12 months earlier, in keeping with Starbucks' newest earnings report. Customers these days prefer shopping while sitting at home.

Despite the fact that, historically, China has been a tea-drinking territory, some observers have argued that Starbucks' success is down to its engagement with the overarching philosophy of Confucianism that has informed Chinese culture for centuries, one that manifests in the consultant Tom Doctoroff's words as a socially mobile and meritocratic social system.

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

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Nestle's relationships with distributors, giving it access to 1.5 million outlets in China, "dramatically accelerates our ability to bring those coffees to market", said Mr Johnson.

Starbucks and Nestle recently inked a $7.15 billion deal, giving Nestle the rights to sell packaged Starbucks coffee overseas.

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