China will be bigger than America for us in less than 10 years, says Starbucks
Same-store sales gained 8% in China during the most recent quarter, compared with 2% globally
Shanghai — Starbucks sees China surpassing the US as its largest market within a decade, as it counts on the country’s affluent consumers to offset stagnant growth in the rest of the world. Ramping up its focus on China, Starbucks is opening its biggest cafe in the world in Shanghai on Wednesday. The store — about half the size of a soccer pitch — is part of upscale moves championed by founder and chairman Howard Schultz. Customers at the cavernous new store on the famous West Nanjing Road shopping strip can watch beans being roasted, sample high-end brews and use a Starbucks augmented reality digital app to interact with the store. CEO Kevin Johnson is targeting the Seattle-based company’s fastest-growing market as it searches for ways to kick-start sluggish global sales after saturating the US with lattes and cappuccinos. Three years after Starbucks opened its first Roastery on its home turf, Starbucks is finally testing the idea in China, where it currently has 3,000 stores.
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