Friday, 07 August, 2020


Starbucks To Foray into China

Starbucks To Foray into China Starbucks To Foray into China
Bennie Garza | 17 May, 2018, 13:39

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.

The company also announced plans to more than triple revenue and more than double operating income in China by the end of fiscal year 2022, relative to fiscal year 2017 levels. It is a significant increase on the company's earlier goal of around 500 a year.

"This is an ideal time for us to accelerate that growth rate", Mr Johnson said ahead of the investor day Starbucks organised for 60 shareholders in Shanghai, the first to be held outside of the US.

"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", Johnson said.

The strategy was announced out of the coffee giant's first investor conference in China this week, where attendees heard that between 2017 and 2022, about 600 new stores will open a year across the mainland - a figure that will almost double the brand's presence across the country. Income in China and the Asia-Pacific area jumped 54% final quarter in contrast with the identical interval a 12 months earlier, in keeping with Starbucks' newest earnings report. In China, the current outlets are 3,300, with a comparison to the USA which has about 12,000 outlets, including the licensed 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. Starbucks did not release a break down for just China as a standalone region. Consumers also are shopping more at home, shunning brick-and-mortar retail for e-commerce.

Starbucks announced massive expansion plans after its highly lucrative distribution deal with Nestle, which netted the coffee chain some US$7 billion. It's bringing a new line of pre-made cold tea and coffee to China next month.

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