Starbucks announced an aggressive plan that will add 17,000 new coffee shops by 2030. This is a big expansion for the company, more than double the size of the company than what it currently has. The move is part of the coffee chain’s efforts to strengthen its presence in the retail space.
Starbucks CEO Kevin Johnson said that the company will be focusing on new customer segments in addition to its existing customer base. Starbucks plans on opening 1,400 stores in the US alone, as well as stores in China, Italy, Mexico, and other countries. These new locations will offer a range of food, beverage, and merchandise options.
Starbucks will also be expanding its grocery store and convenience store footprint to better meet customer needs. The company also plans on launching new products such as cold brew coffee and dairy alternatives.
Starbucks’s expansion plans come as the company’s valuation has skyrocketed since it went public in 1992, and it’s expected to double in size in the next 10 years. This will further cement Starbucks’s position as the largest coffee chain in the world.