Starbucks is opening a new store in China every day according to CEO Howard Schultz
Over the last five years, Starbucks has grown from 400 stores to 2,300 stores in China. By 2021, the coffee giants plan to have 5,000 stores in the country.
According to The Business Insider, CEO Howard Schultz claims that a new Starbucks store is opened every day in China.
“I am quite convinced that, over time, China will be larger than the US and larger than any market we have in the world,” Schultz said.
Starbucks has been in China for 17 years but had taken a slow approach to expansion as a result of international struggles in countries such as Australia.
Today, Starbucks announced their first ever CEO of Starbucks China – former company president Belinda Wong. Schultz alludes Starbucks’ success in China to Wong and her team.
“We want to apply the same discipline and thoughtfulness and, most importantly, respect for the Chinese customer… and realize that our success in US does not give us the license to succeed anywhere else in the world,” says Schultz. “We have to earn it.”
