Starbucks Wants to Triple Revenue in China in Four Years
Starbucks Wants to Triple Revenue in China in Four Years
Starbucks hosts first China Investor Conference
17 May, 2018, 05:37
The flagship store that has gourmet coffee and baked goods, is located in Shanghai and Howard Schultz the executive chairman said that store numbers across China would reach 10,000 within the next decade and eventually overtake the market in the U.S.
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. The idea is to expand the company's revenue three-fold in China over this span, while also doubling its operating profit in the country between 2017 and 2022.
Starbucks presented the company's key drivers that will fuel its market growth in China over the next five years at its first-ever China Investor Conference in Shanghai on 16 May.
It made $3.24 billion in China/Asia Pacific revenue in the past financial year while operating income was $764.8 million, according to calculations by Reuters.
Today Starbucks now has around 3,300 stores in China and it aims to increase this to 6,000 by the end of 2022. Consumers are also shopping more at home, shunning brick-and-mortar retail for e-commerce.
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Mr Johnson said that while same-store sales in the United States have been weaker than expected, strong performance in new stores stateside means it's still on track "to deliver USA growth within the targeted range that we've given of high single-digits".
In May, Starbucks entered into a deal with Swiss food giant Nestle, the largest food and beverage company in the world, to give the company the exclusive rights to sell packaged coffees as well as teas from Starbuck across the globe. Introducing these products to China will be "one of the priorities that we focus on early" after the transaction closes, he said.
The 8.1 billion yuan (S$1.7 billion) ready-to-drink coffee market in China is now dominated by Nestle with 71 per cent market share, according to data from Euromonitor International.
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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