Starbucks Corp. has unveiled an ambitious strategy for long-term growth that includes growing to a total of 55,000 locations by 2030.
As part of the coffee giant’s new “triple shot reinvention with two pumps” strategy, the company also plans to generate $3bn in savings over three years. Of the savings, $2bn is expected to come from outside the store through savings on its cost of goods sold. The remaining $1bn is expected to come from making stores more efficient.
The new plan was unveiled at the company’s 2023 investor day on Thursday, the same day that it reported better-than-expected fourth-quarter earnings and sales. It builds on the reinvention strategy introduced at the company’s 2022 investor day by former CEO Howard Schultz, which involved resetting the business to elevate the in-store experience for employees and customers and making its stores more efficient.
The company, which has about 20,200 international stores, plans to expand to 35,000 locations outside of North America by 2030. In total, Starbucks has set a total of reaching 55,000 locations globally by 2030, up from its current count of approximately 38,000.
