Starbucks aims to triple China revenue by 2022

An advertising board of Starbucks in Wuhan Hubei province China. The US firm is t=argeting the country for growth. Reuters

Through the company's purpose-driven growth agenda in China, Starbucks is focused on enhancing its immersive approach to building deeper customer relationships in digital and extending the Starbucks Experience to the on-the-go and at-home consumers. It's aiming to nearly double its number of coffee shops in the world's second largest economy, from 3,300 at the moment to 6,000 before the end of 2022.

Broken down, this would mean a Starbucks opening roughly every 15 hours, and marks a notable increase on the company's previous goal of 500 new locations per year.

Starbucks also said it expects to more than double its operating income in China over the next 5 years, relative to 2017.

"This is the ideal time for us to gain momentum that will boost the growth rate", Johnson said in Shanghai, the day before Starbucks assembled 60 shareholders, the foremost to be conducted outside the U.S. The flagship store that has gourmet coffee and baked goods, is located in Shanghai and Howard Schultz the executive chairman said that store numbers across China would reach 10,000 within the next decade and eventually overtake the market in the U.S.

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An expansive success so far, Starbucks, the American coffee chain, has announced that it will double its store count to 6000 outlets over the next five years. Starbucks did not release a break down for just China as a standalone region. It now has 3,300 stores across 141 cities. 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.

"The power of our brand in China, the strength and momentum in our business, and the world-class Chinese leadership team give me great confidence in our ability to capture the enormous growth opportunities ahead in this dynamic market", said the company's CEO and president, Kevin Johnson.

Starbucks announced massive expansion plans after its highly lucrative distribution deal with Nestle, which netted the coffee chain some US$7 billion. It is bringing a brand new line of pre-made chilly tea and occasional toChina subsequent month.

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