Starbucks announced its plans to add 17,000 stores by 2030, going against a trend where many other retailers are closing down locations
Starbucks is planning to add 17,000 stores by 2030 while implementing a cost-saving strategy that includes improving its cafes' efficiency, growing revenue outside of Starbucks cafés and increasing baristas' hourly wages.The announcement, which was unveiled Thursday, is part of former CEO Howard Schultz’s broader reinvention strategy for the company.
Most of the expansion for the coffee chain is international, as the company said it plans to expand to 35,000 locations outside the North American continent by 2030, up from its 20,200 international coffee shops. In the coffee chain’s “Triple Shot Reinvention Strategy,” Starbucks said that along with its strategy to go global, it plans to become more efficient with its $3 billion in cost-saving measures. A total ofMeanwhile, Starbucks also announced it would be doubling U.S. workers’ hourly wages from fiscal year 2020 earnings by 2025 as part of its goal to retain employees at its American locations.
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