Loaded With Nestle Cash, Starbucks Intends To Triple China Revenue
"Starbucks will look to leverage the recently announced global coffee alliance with Nestle to provide even more at-home options to the Chinese consumer in the future", the company said. By 2022, it intends to set up on the mainland 6,000 stores, while the previous target was to set up 5,000 stores by 2021.
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.
The vote of confidence came as 120 US companies and business groups line up to oppose a plan by the administration of US President Donald Trump to slap tariffs on US$50 billion of Chinese imports.
Starbucks and Nestle recently inked a $7.15 billion deal, giving Nestle the rights to sell packaged Starbucks coffee overseas.
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.
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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.
The US coffee chain has over 600 stores in Shanghai, more than any city on earth, and it recently built its biggest ever coffee shop in the city.
The push in the Chinese market comes as its stores in the USA face fierce competition from up-and-coming regional coffee houses and steep discounting from fast-food rivals. 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.
While same-store sales in the USA 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. It is a significant increase on the company's earlier goal of around 500 a year.
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