Starbucks to accelerate store openings as economy recovers
15 November 2010 10:47
Starbucks is planning to more than double its rate of store openings as the global economy recovers. The world's biggest coffee chain will open an average of more than one store a day during the next 12 months.
"Our ability to navigate through the financial crisis and come out much stronger gives us reason to start growing the company again," said chief executive officer Howard Schultz in an interview.
Starbucks is planning to open 500 stores in the fiscal year that began in October, including 400 sites outside the US. Within the next two years, China will be the group's biggest growth market with outlets earmarked to exceed 1,000.
"I think that the opportunity that we have in China – we've underestimated it in terms of the number of stores and the reach that Starbucks is going to have," Mr Schultz added.
Starbucks dominates the market in China, with a 69.8% market share compared with the number 2 player, Jiangsu Yueda Group, which operates Costa Coffee and commands a 5% share. The group currently operates around 800 stores in the Greater China region, with around half in mainland China.
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