Starbucks plans ambitious expansion into Chinese market

Beijing. May 21. Silkroadnews - Starbucks is planning its ambitious expansion in the fast-growing Chinese market, doubling the number of coffee shops to 6,000 across China by 2022, the People’s Daily reports.
To this end, Starbucks plans to build 600 new coffee stores annually over the next five years in the mainland of China. The company also expects to increase turnover by more than three times and raise profits more than double in China by the end of 2022 from the levels of 2017, the company said in a press release.
“We are committed to long-term investment in China,” the agency quoted saying by Kevin Johnson, President and CEO of Starbucks, who expressed confidence in the company’s future growth in a dynamic market.
He said the company will continue to promote the coffee culture in China, “where the reward will be healthy, long-term, profitable growth for decades to come.”
China is the second largest and fastest growing Starbucks’s market in the world, with 3,300 coffee stores in 141 Chinese cities at present.