Starbucks has planned an ambitious expansion in the fast-growing Chinese market by doubling its number of coffee shops to 6,000 across China by fiscal 2022.
To this end, the Seattle-based coffee chain plans to build 600 new stores annually over the next five years in China's mainland, the company announced at its first-ever China Investor Conference, held in Shanghai.
Starbucks is also looking to more than triple revenue and more than double operating income in China by the end of 2022 from the 2017 levels, according to a press release from the company.
"We are committed to long-term investment in China," said Kevin Johnson, Starbucks president and chief executive officer, who expressed confidence in the company's future growth in the dynamic market.
He said the company will continue to promote coffee culture in China "where the reward will be healthy, long-term, profitable growth for decades to come."
China is the Starbucks's second-largest and fastest-growing market globally, with 3,300 stores in 141 Chinese cities currently.