Starbucks announced last week that it plans to more than double its efforts in China, hoping to increase its store count from 2,300 to 5,000 locations by 2021.
“I am quite convinced that, over time, China will be larger than the U.S. and larger than any market we have in the world,” Schultz told Business Insider, noting that the company is opening a new store in China every day.
Since 2011, Starbucks has opened nearly 2,000 stores in China – the world’s most populated country, USA Today noted.
The first Starbucks to open in China was 17 years ago, according to Business Insider, and while relying heavily on local talent, the coffee giant has been able to reach impressive expansion levels over the years.
According to Wall Street OTC, the company eventually wants to have a bigger presence in China compared to its market size in the U.S. Right now, Starbucks has about 13,000 coffee shops in the U.S.
In announcing their plan, the company also promoted Belinda Wong as CEO of Chinese operations, per Wall Street OTC. Wong has been with the company for 16 years.
“We want to apply the same discipline and thoughtfulness and, most importantly, respect for the Chinese customer…and realize that our success in the U.S. does not give us the license to succeed anywhere else in the world,” Schultz told Business Insider. “We have to earn it.”
The biggest Starbucks in China is set to start building in 2017, and it’s expected to be 30,000 square feet and located in Shanghai, Wall Street OTC noted. The coffee shop will also feature a room — called the “Roastery and Reserve Tasting Room” — where customers can see how their coffee is made and sample different types of coffee.