Starbucks unveils ambitious plan for growth in China

Loaded With Nestle Cash, Starbucks Intends To Triple China Revenue

"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", said Starbucks CEO Kevin Johnson in a statement.

Starbucks Corp. announced that it wants to triple revenue as well as double its number of stores in China during the next four years, doubling down there as growth in the USA comes under heavy pressure.

Starbucks said as well that it is expecting to more than double operating incomes for China over the upcoming five years, relative to that figure in 2017.

The coffeehouse chain recently raised over $7.15 billion through a deal with Nestle SA, is aiming to have more than 6.000 stores in China before the end of 2022.

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.

In a nation where tea drinking is the tradition, China has emerged as a big and vital market for Starbucks.

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China well-known for its technology innovations but now the country will get around 3,000 new Starbucks stores.

The push in the Chinese market comes as its stores in the U.S. face fierce competition from up-and-coming regional coffee houses and steep discounting from fast-food rivals.

While same-store sales in the U.S. have been weaker than expected, strong performance in new stores means the firm is still on track "to deliver United States growth within the targeted range that we've given of high single-digits", Johnson said. Consumers are also shopping more at home, shunning brick-and-mortar retail for e-commerce. This new target is almost 20% higher than the earlier announced target of opening around 500 new stores per year, CNN Money reports.

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

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

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