Starbucks To Add 1,500 U.S. Cafes by 2017
Starbucks plans to add more than 3,000 cafes in the Americas -- including at least 1,500 in the U.S. -- by 2017, president and CEO Howard Schultz announced during the company's investor conference on Wednesday.
Starbucks had 18,066 cafes in the Americas, and about 12,900 in the U.S., as of the end of September.
Starbucks expects China to overtake Canada as its second-largest market in 2014, with a projected 1,500 cafes in mainland China by 2015 (double its current number). The overall China/Asia-Pacific region will have nearly 4,000 cafes by the end of 2013.
The company's $620 million acquisition of Teavana Holdings, which will give it a foothold in the global tea market, is expected to close by year-end. That follows its recent acquisitions of the Evolution Fresh juice business and La Boulange Bakery.
It so far has opened four Evolution Fresh juice stores and a Tazo tea cafe in the U.S., and announced that it will start offering "hand-crafted" Teavana beverages in that chain's stores, and eventually in Starbucks stores. By the end of 2013, 2,500 U.S. Starbucks will carry La Boulange products, and 5,000 will carry Evolution Fresh juices.
As for the packaged goods business, Schultz said Starbucks believes it will eventually rival or match the size of the cafe business.
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