Jakarta Post

Please Update your browser

Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.

Jakarta Post
The Jakarta Post
Video Weather icon 30°C
DKI Jakarta, Indonesia
30°C Partly Cloudy

Dry and mostly cloudy throughout the day.

  • Wed

    26℃ - 32℃

  • Thu

    25℃ - 32℃

  • Fri

    25℃ - 31℃

  • Sat

    26℃ - 30℃

Starbucks to open 2,500 China stores in next five years

  • The Jakarta Post

    The Jakarta Post

| Wed, January 13, 2016 | 05:54 pm
Starbucks to open 2,500 China stores in next five years

Pedestrians walk past a cafe of Starbucks Coffee in Shanghai on Dec. 8, 2015. (via China Daily)

Starbucks Corp, the Seattle-based coffee giant, said it plans to add 500 stores in China every year for the next five years, as the company remains upbeat on the world's second-largest economy.

"We have confidence in the future of the Chinese economy, despite all the rhetoric, noise and issues," The Wall Street Journal quoted Howard Schultz, Starbucks's chief executive, as saying.

"People are looking for reasons not to believe. I'm on the ground and I see firsthand. I am bullish," said Schultz, who is visiting China this week, in an interview with the newspaper.

Starbucks, which is now running about 2,000 stores in the Chinese market, continues to raise its bet on local customers' taste for coffee, as more and more tea drinkers develop a taste for that other caffeinated beverage.

Its fourth-quarter revenue for the China and Asia-Pacific region more than doubled from a year earlier, to $652.2 million. Same-store sales in the region grew 6 percent, trailing the 8 percent global increase, said the newspaper.

Starbucks didn't break out its China sales, but said he expects the country to become Starbucks' largest market.

The company operates more than 23,000 stores world-wide, including roughly 7,000 in the US. Starbucks' Americas market, which includes Brazil, Canada, Puerto Rico and the US, accounted for 14,800 stores in 2015, according to the newspaper. (kes)(+)