Starbucks CEO is optimistic about China: the expansion of China's Coffee Market will continue for decades
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Starbucks believes China's growing middle class and urbanization will boost demand for coffee in a country where tea culture is popular
China is Starbucks 'biggest growth opportunity, and the expansion of the Chinese market is likely to continue for decades without interruption.
That's what Starbucks CEO Kevin Johnson told Bloomberg host Emily Chang at the GeekWire Summit in Seattle. While the U.S. will remain an important market, Starbucks 'future will depend on its expansion into China.
"China is our second largest and fastest growing market," he said. "We can open new stores in China for decades and there will be growth opportunities."
Starbucks announced in July that it would buy the remaining 50 percent of its joint venture in eastern China for $1.3 billion, giving it 100 percent ownership of about 1300 stores in Shanghai, Jiangsu and Zhejiang.
Starbucks believes that China's growing middle class and urbanization will increase demand for coffee in a country where tea culture is popular. The slowdown in U.S. sales has increased pressure on Starbucks to bet heavily overseas. Starbucks aims to operate 5000 stores in the mainland of China by 2021.
Starbucks CEO Sees Decades of Growth From Its Chinese Expansion
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