While Starbucks might seem like a staple in U.S., the Seattle-based coffee chain is about to become even more popular abroad, as the company just announced it plans to nearly double the number of stores in China over the next five years.
Earlier this week, Starbucks Corporation held its first-ever China investors conference in Shanghai, where it unveiled plans to expand its presence in the country by 2022.
The fast-paced strategy entails opening a new store every 15 hours over the next five years, increasing the current number from 3,300 to 6,000 across 89 more cities.
Starbucks also hopes to more than triple revenue and double the operating income in China in the same time frame, according to a press release.
“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. We are committed to long-term investment in China,” Kevin Johnson, Starbucks president and chief executive officer, said in a statement.
To kick things off, next month the company plans to open a new multilevel flagship-style store in Beijing, which will be its largest store globally besides the so-called Starbucks Reserve Roasteries. One of such roasteries opened in Shanghai to great succes just six months ago.
“Starbucks is committed to playing the long game in China and is proud to be an integral part of the local community for nearly 20 years,” Belinda Wong, Starbucks China chief executive officer, said in a statement.
“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.”