Starbucks Corp. is bullish about the China market and plans to open 500 stores in the country annually for the next five years, its chief executive Howard Schultz said.
“We have confidence in the future of the Chinese economy, despite all the rhetoric, noise and issues,” Schultz told the Wall Street Journal.
“People are looking for reasons not to believe. I’m on the ground and I see firsthand. I am bullish.”
Starbucks doesn’t break out its China sales, but its fourth-quarter revenue for the China and Asia-Pacific region more than doubled from a year earlier, to US$652.2 million, the Journal noted.
The Seattle-based coffee giant currently runs 2,000 stores in 100 Chinese cities.
Schultz expects China to become Starbucks’ largest market in the future, but he didn’t specify a time frame.
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