Published: Thu, May 17, 2018
Medical | By Johnnie Horton

Starbucks hosts first China Investor Conference

Starbucks hosts first China Investor Conference

Starbucks said the alliance with Nestle would help further extend the coffee chain's reach and scale throughout China.

The development comes on the back of the company opening its largest ever store in the city of Shanghai in December.

Starbucks Corp. announced that it wants to triple revenue as well as double its number of stores in China during the next four years, doubling down there as growth in the US comes under heavy pressure.

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.

The strategy was announced out of the coffee giant's first investor conference in China this week, where attendees heard that between 2017 and 2022, about 600 new stores will open a year across the mainland - a figure that will almost double the brand's presence across the country.

Starbucks has announced ambitious plans to double the number of stores across China to 6,000 locations by the end of 2022.

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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. "China has an extensive runway of opportunities for Starbucks".

The Seattle-based firm is facing increasing pressure in the United States from high-end coffee shops and cheaper rivals and so it has turned its attention to the lucrative Chinese market.

Starbucks operates approximately 3,300 stores in 141 cities in China and employs 45,000 employees. Consumers are also shopping more at home, shunning brick-and-mortar retail for e-commerce.

This would amount to opening roughly 600 new Starbucks a year in China, or one every 15 hours, which would mark a considerable increase over the company's previous goal to build around 500 a year.

The coffee giant is also to announce in a few months a new program for mobile ordering and delivery in China, Starbucks China CEO Belinda Wong (王靜瑛) said.

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