Starbucks To Open 2,000 Stores In 3 Years, Spend $450M To Upgrade Others
Coffee giant Starbucks wants to be even larger, with plans to roll out a net of 2,000 new stores in the U.S. by 2025, the company said at its 2022 Investor Day event in Seattle.
There are about 15,500 locations in the U.S.
Globally, the chain expects to have nearly 45,000 stores open by the end of 2025, and about 55,000 locations by 2030, as projected at its 2020 Investor Day event. Many of the new global locations will be in China.
Starbucks will also put $450M into new technology at its existing stores by 2030, designed to make the production of coffee drinks more efficient, with a special focus on producing cold drinks, which can account for as much as 80% of a location's sales in the summer, according to Chain Store Age.
Many of the new locations will not be full stores, but rather drive thru-only and delivery-only locations designed to meet “customers whenever and wherever they want, the company said.
The company also said it expects comparable-store sales growth to be in the range of 7% to 9% annually, both globally and in the U.S., from fiscal 2023 to fiscal 2025. In recent years, its comp-store growth has been between 4% and 5%.
At the event, interim CEO Howard Schultz introduced incoming CEO Laxman Narasimhan, who will join the company at the beginning of October and become chief executive in April, as well as join the company's board of directors.
