09/01/2024 – 10:32
New York, 9 – North American Starbucks, one of the largest coffee shop chains in the world, intends to expand its sales abroad by targeting the Asian market, where it plans to open a thousand stores in India by 2028. The company also hopes to double its workforce in the country for around 8,600 employees.
Currently, the chain has around 390 stores in 54 cities in the fifth largest economy in the world, through a joint venture with local partner Tata Starbucks.
Stores operating in India today are mainly concentrated in large cities. Under the new expansion strategy, Starbucks is expected to expand its presence in medium-sized cities.
“Over the past 11 years, the Indian market has grown to become one of Starbucks' fastest growing markets in the world,” said CEO Laxman Narasimhan. “With a growing middle class, we are proud to help cultivate coffee culture while honoring its rich heritage.”
In recent years, Starbucks' international strategy has focused mainly on China, which has become its second largest market. As of October 1st, the company had just over 6,800 stores in the Asian country. While Narasimhan is still “really bullish” on China, as he said in an interview with Barron's, he foresees the coffee giant becoming an even bigger player in other international markets.
The company intends to operate 55,000 stores worldwide by 2030, an increase of almost 50% compared to the current number. Most of the new stores Starbucks plans to open are outside North America, the company said in November, with a focus on Southeast Asia and Latin America. Source: Dow Jones Newswires
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