Starbucks says aims to triple China revenue by 2022
Starbucks says aims to triple China revenue by 2022. Starbucks is looking to more than triple its revenue and almost double its store count in China over the next five years, doubling down on the market as traffic growth comes under pressure in the United States.
The U.S. coffee chain, which recently raised $7.15B in a deal with Nestle, aims to have 6,000 stores in the country by the end of 2022, it said in a statement. It has around 3,300 stores in 141 cities in China currently. Starbucks dominates China’s coffee scene, although it is seeing more competition from smaller rivals. Starbucks also said it expects to more than double its operating income in China over the next 5 years, relative to 2017. Read more here.
Starbucks dominates China’s coffee scene, although it is seeing more competition from smaller rivals, similar to how it is coming under pressure from a “third wave” of boutique coffee sellers and cheaper rivals in the United States.
Late last year 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 U.S. market.
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