Starbucks Ramps Up China Plans, Will Nearly Double Store Count By 2022

16 May, 2018, 23:31 | Author: Sherman Richardson
  • Starbucks Ramps Up China Plans, Will Nearly Double Store Count By 2022

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. By 2022, it intends to set up on the mainland 6,000 stores, while the previous target was to set up 5,000 stores by 2021.

The world's most populous country is all set to get 3,000 new Starbucks Corp.'s (SBUX) coffee stores, as the Seattle-based coffee chain steps up its expansion plans. "We are not immune to it, but we take a long-term view".

Today Starbucks now has around 3,300 stores in China and it aims to increase this to 6,000 by the end of 2022. Starbucks did not release a break down for just China as a standalone region.

It made $3.24 billion in China/Asia Pacific revenue in the past financial year while operating income was $764.8 million, according to calculations by Reuters.

"Starbucks will look to leverage the recently announced global coffee alliance with Nestle to provide even more at-home options to the Chinese consumer in the future", the company said.

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The Seattle-based firm is facing increasing pressure in the USA from high-end coffee shops and cheaper rivals and so it has turned its attention to the lucrative Chinese market. It comes to opening around 600 new stores each year.

In China, where cafe culture is less mature, but e-commerce more developed, Starbucks cafes have cornered the market on plush, but casual meeting spots.

"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".

"We have built a business here in China over 20 years", Johnson said.

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