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Starbucks expecting Chinese market to be its second largest by 2014

Categories: Retail
Starbucks expecting Chinese market to be its second largest by 2014

Starbucks expecting Chinese market to be its second largest by 2014

Pictured: Starbucks in Shanghai

Starbucks has said that China will be its second largest market by 2014 and that it will remain the focal point of its international expansion efforts.

The company said it is confident that it will exceed 1,500 stores across China by 2015. Starbucks entered the Chinese market in 1999, when it opened its first store at the Beijing World Trade Centre.

“We continue to see strong growth in China giving us even greater confidence in achieving our goal of building China as our largest market, outside of the US, by 2014,” said John Culver, president, Starbucks China and Asia Pacific, who was speaking at the sidelines of the Boao Forum for Asia Conference 2012.

“While we have an ambitious plan to accelerate our pace of growth, we will make sure we are growing the brand in a holistic way; delivering the highest quality espresso, locally-relevant product and store design innovations, as well as elevating the special connection we have with our customers and the local communities where we do business,” he said.

Starbucks entered 13 new Chinese cities during its fiscal year 2011 and opened an average of one store every four days. The company said the stores opened in these new markets have been widely accepted by the local consumers and store performance has exceeded expectations.

Starbucks today operates more than 570 stores across 48 Chinese cities.

Categories: Retail