Starbucks to Open 2700 More Stores in China Within 5 Years

Starbucks to Open 2700 More Stores in China Within 5 Years

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. Now, it's shooting for nearly double the amount of shops in China - the world's second largest economy - to 6,000 from its current 3,300 in the next five years.

Starbucks is looking to leverage the worldwide coffee alliance it recently announced with Nestle in order to provide even more options at home for the consumer in China in the near future, said the company through a prepared statement released at the time the alliance was announced earlier this month. It plans to triple its income and double its working revenue in China between 2017 and 2022.

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"This is the ideal time for us to gain momentum that will boost the growth rate", Johnson said in Shanghai, the day before Starbucks assembled 60 shareholders, the foremost to be conducted outside the U.S. Starbucks did not release a break down for just China as a standalone region.

Today, there are 3,300 green and white storefronts in 141 cities across the country, amounting to a new store opening every 15 hours. Brands Inc in 2016, said it had 8,112 stores including KFC and Pizza Hut at the end of March. In China, where the culture of cafes is less prevalent but e-commerce more in use and trend, Starbucks cafes have targeted the market on high quality, luxurious but casual meeting spots.

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"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 announced massive expansion plans after its highly lucrative distribution deal with Nestle, which netted the coffee chain some US$7 billion.

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The chain also bringing a new line of pre-made cold tea as well as coffee to China next month.

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