Who doesn’t love a little coffee in the morning? At its recent Investor’s Day, Starbucks announced that it is looking ahead to a well-caffeinated future, with plans to add an additional 20,000 stores worldwide.
After being initially struck hard by the pandemic, with many offices closed and morning commuters staying home, the coffee chain laid out an aggressive new goal of having a total of 55,000 locations by 2030.
Despite the slowdown caused by Covid, Starbucks has seen its recovery begin, after shifting to more delivery and drive-thru options to accommodate social distancing and safety guidelines.
Starting in 2023, the chain is anticipating annual sales growth of 4-5% in the U.S. and 2-4% in mainland China, which is ahead of previous forecasts. Starbucks is also reportedly raising its operating margin outlook. As of the end of 2020, Starbucks shares are up 20%.
Much of Starbucks’ near-term growth will take place in mainland China, where it plans to open an additional 600 stores in the next year. The company’s Chinese sales growth forecasts are running ahead of the original outlook. Of the stores planned in China, one in ten will be Starbucks NOW stores—locations that emphasize digital payments and convenient pickups for delivery drivers.
As an added bonus, Starbucks will also be rolling out oat milk as a non-dairy option nationwide, after successful limited testing in stores.
In 2021, Starbucks will celebrate its 50th anniversary as a company, adding to its prestige as a pillar of the Pacific Northwest.
This article was originally posted on Seattle Times by Ed Ludlow.