Starbucks is planning a huge expansion. The coffee chain will add 12, 0000 new locations around the world over the next five years. Its CEO Howard Schultz laid out the company’s plans for growth over the next five years at its biennial investor conference.
They already have about 25, 000 stores today so this will mark an almost 50 percent increase. So soon we may see multiple Starbucks branches alongside one another. This is kind of like a Simpsons episode from 20 years ago where every store in the mall turns into a Starbucks.
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The company is projecting a 10 percent growth in revenue along with a 15-20 percent growth in earnings per share. Starbucks has also announced plans to expand its new Starbucks Reserve Roastery internationally, opening a branch in Shanghai in 2017, Tokyo and New York City in 2018, and a fifth location in Europe to be announced early next year.
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“Industry-leading innovation is driving our core business and creating further separation from competitors all around the world, ” said Howard Schultz, chairman and chief executive officer. “Our Roasteries and Starbucks Reserve stores will further transform – and elevate – the Starbucks Experience we deliver to our customers, and are laying the foundation for our next wave of profitable, global growth. I have never been more energized or optimistic about the opportunities ahead as Kevin transitions to the ceo role and leads the most talented and experienced leadership team in Starbucks history.”
“Starbucks continues to deliver record financial performance. The customer experience created in our stores by partners who proudly wear the green apron is what makes Starbucks a destination for 80 to 90 million customers a week, ” said Kevin Johnson, president and chief operating officer. “We are today executing against an ambitious, carefully-curated, multi-year strategy to further elevate the entire Starbucks brand and customer experience around the world, and further extending Starbucks leadership around all things coffee, retail and mobile. The power of our brand, the strength and momentum in our business, and the world-class management talent we have assembled give me great confidence in our ability to capture the enormous global growth opportunities ahead.”
Do you like getting your daily caffeine fix at Starbucks, but wished that they offered more to eat. Well you are in luck. The company is expanding its food menu with the new Sous Vide Egg Bites in January 2017, a wheat-free, low calorie, high protein breakfast.
The spring of 2017 will see the launch of a Certified Gluten-Free Breakfast Sandwich, the expansion of the Bistro Box platform, as well as a regional roll out of organic soups. Starbucks boasts that its Breakfast Sandwich sales have more than doubled over the past four years and that it expects to double food growth over the next five years.
Starbucks is also diversifying into the world of pizza.It will open standalone Italian bakeries under the Princi brand name by late 2017. The first Princi Italian bakeries will be opened in Seattle, New York City, and Chicago. They will probably also offer coffee. Schultz sang Princi’s praises saying that in all of his world travels, “Of all the great culinary experiences I have had, there are none that come close to what Rocco Princi has done.”
And if you really want to get free coffee for the rest of your life then you are in luck. The company is also bringing back its Starbucks for Life Sweepstakes over the holidays. Through January 16, eligible Starbucks Rewards members can earn “game plays” when they make a purchase* using either their registered Starbucks Card or the Starbucks Mobile App in participating U.S. and Canada (excluding Quebec) stores. Seven customers (five in the U.S. and two in Canada) will win the grand prize of Starbucks for Life. 45 customers (25 in the U.S. and 20 in Canada) will win Starbucks for a Year.
Don’t like having to wait on line in a crowded store? No problem, Starbucks is also updating its app. Starbucks Mobile App customers will soon be able to place their orders via voice command or messaging interface, through their mobile devices. This will be made possible with the new My Starbucks Barista feature which will be beta tested early next year.
All of this news comes just days after Howard Schultz announced that he will be retiring from Starbucks next year.
