Richard Quest: Companies should follow Starbucks' example

Starbucks is usually stepping up its expansion in China.

The Seattle coffee chain on Wednesday announced plans to build nearly 3,000 brand-new stores in mainland China over the next few years. which’s aiming to almost double its number of coffee shops inside planet’s second largest economy, through 3,300 at the moment to 6,000 before the end of 2022.

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which means opening 0 brand-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 (SBUX) expects its rapid expansion inside traditionally tea-drinking nation to boost its bottom line. which plans to triple its revenue along with double its operating profit in China between 2017 along with 2022.

Starbucks is usually 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.

In December, Starbucks opened its largest store inside planet in Shanghai.

Related: Nestle is usually paying $7.2 billion to sell Starbucks coffee

The company is usually flush with cash, having sold Nestle (NSRGF) the rights to sell Starbucks-packaged tea along with coffee around the planet for $7.2 billion earlier This specific month.

Starbucks is usually also aiming to tap into a growing trend of Chinese consumers drinking beverages on the go. which’s bringing a brand-new line of pre-made cold tea along with coffee to China next month.

The company’s business is usually growing much faster in China along with various other Asian countries than which is usually back home. Revenue in China along with the Asia-Pacific region jumped 54% last quarter compared with the same period a year earlier, according to Starbucks’ latest earnings report. inside United States, Canada along with Latin America, revenue rose just 8%.

sy88pgw (Hong Kong) First published May 16, 2018: 1:19 AM ET