Starbucks aims to triple China revenue by 2022

Loaded With Nestle Cash, Starbucks Intends To Triple China Revenue

The company looks to use its Nestlé Global Coffee Alliance to further extend Starbucks reach throughout China.

The development comes on the back of the company opening its largest ever store in the city of Shanghai in December.

Starbucks Corp is looking to more than triple its revenue and nearly double its store count in China over the next five years, doubling down on the market as traffic growth comes under pressure in the United States.

A hearing on the levies - where companies including Best Buy Co and General Electric Co, as well as lobby groups such as the National Retail Federation, plan to testify - began on Tuesday.

Today Starbucks now has around 3,300 stores in China and it aims to increase this to 6,000 by the end of 2022. The goal is to have 6,000 stores in the country, more than tripling revenue and more than doubling operating income there by the end of fiscal 2022 vs. 2017.

In a nation where tea drinking is the tradition, China has emerged as a big and vital market for Starbucks.

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Revenue for the China/Asia Pacific region in its last financial year was $3.24 billion while its operating income ended at $754.7 million.

The world's most populous country is all set to get 3,000 new Starbucks Corp.'s (SBUX) coffee stores, as the Seattle-based coffee chain steps up its expansion plans.

The Seattle-based firm is facing increasing pressure in the U.S. from high-end coffee shops and cheaper rivals and so it has turned its attention to the lucrative Chinese market.

In China, where cafe culture is less mature, but e-commerce more developed, Starbucks cafes have cornered the market on plush, but casual meeting spots.

While same-store sales in the U.S. have been weaker than expected, strong performance in new stores means the firm is still on track "to deliver United States growth within the targeted range that we've given of high single-digits", Johnson said. Less than two years ago, the chain created goals to lift its store count to 5,000 by 2021, which was already a slightly accelerated version of its previous targets.

The chain also bringing a new line of pre-made cold tea as well as coffee to China next month.

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