A new market for Starbucks to keep its dream of gaining more grounds outside the United States
Starbucks is fast-expanding in China and the company believe it’s a sign of pushing U.S. market behind.
In just five years the Company plans to open 12,000 Starbucks new stores worldwide among them 5,000 stores are allocated to China Market, where consumer culture is in trend among a promising middle class.
Starbucks Corp exposed their five-years plan on Wednesday to expand its global flagship by about 50% worldwide by 2021 round up to 37,000 outlet overall. This growth strategy relies heavily on China, where the Seattle-based coffee chain sees a three times high to its current operation.
On Wednesday, Howard Schultz –Chairman and CEO of Starbucks Our core business has never been stronger in the U.S. and around the world”
“These are the early days of the growth and development of the company. If Starbucks was a 20-chapter book, I still think we’re in chapter 4 or 5.” He added.
During the coffee retailer’s investor day event held in New York, the CEO outlined their future plans including growth of flagship Starbucks stores, Tasting Room outlets, and the higher-end Reserve Roastery, which will be selling premium coffee at $10 a cup.
Starbucks, by 2018 will also open new stand-alone stores under Princi, a popular Italian Bakery. The bakery will be located in major cities such as New York, Chicago and Seattle serving pizza. Also, Princi food could be available at all of the company’s new Roastery locations.
According to Schultz China’s Market remains attractive for retailers and in near future China will one day be bigger than the US considering Starbucks’ business.