Starbucks Focuses On China, Doubles Rate Of Opening Stores As Global Economy Recovers

Seeing an improving global economy, Starbucks Corp. CEO Howard Schultz said his company plans to more than double the rate at which it opens stores. For fiscal year beginning October 2010 Starbucks plans to open 500 stores, which will be the biggest number since the 1,669 stores opened in fiscal 2008. 400 stores will be located outside the U.S., most of them in China where Schultz sees great potential. Starbucks has nearly 70% of the market in the country and Boston Consulting Group estimates that middle-income and affluent consumers will nearly triple over the coming decade. Starbucks plans to set up a farm and processing facilities in Yunnan, China.