China is getting nearly 3,000 new Starbucks - News Summed Up

China is getting nearly 3,000 new Starbucks

The Seattle coffee chain on Wednesday announced plans to build nearly 3,000 new stores in mainland China over the next few years. That means opening 600 new Starbucks a year in China -- or one every 15 hours -- a significant increase on the company's earlier goal of around 500 a year. Starbucks is pushing "a coffee culture in China where the reward will be healthy, long-term, profitable growth for decades to come," CEO Kevin Johnson said in a statement. It's bringing a new line of pre-made cold tea and coffee to China next month. Revenue in China and the Asia-Pacific region jumped 54% last quarter compared with the same period a year earlier, according to Starbucks' latest earnings report.

Source: CNN May 16, 2018 05:15 UTC