Health Care

Starbucks To Foray into China

Starbucks To Foray into China”

The Seattle coffee chain said it will be building close to 3,000 new stores in mainland China over the next few years, with this figure slated to reach 6,000 before the end of 2022.

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.

In a nation where tea drinking is the tradition, China has emerged as a big and vital market for Starbucks. Its business is growing must faster than the expectations in China and in other countries too.

While brand new locations could be added by Starbucks at a faster pace due to the increasing demand in China, the coffee giant set its limitations regarding expansion to remain consistent regarding the store quality, Kevin Johnson, Chief Executive Officer in an interview on Tuesday told Shanghai.

Revenue for the China/Asia Pacific region in its last financial year was $3.24 billion while its operating income ended at $754.7 million.

Starbucks presented the company's key drivers that will fuel its market growth in China over the next five years at its first-ever China Investor Conference in Shanghai on 16 May.

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. 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. It comes to opening around 600 new stores each year.

The growth is helping the coffee chain create 10,000 jobs per year in China, where the company is keen to set itself apart by offering generous employee benefits, including health insurance for the parents of employees in a country where children often care for aging family members. "We have built that business in China, for China".

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