Starbucks will open more than 400 stores across Asia Pacific in 2023, marking its biggest expansion in the region in five years.
The coffee chain plans to add the new outlets in India, Indonesia, Thailand, Malaysia, Laos and the Philippines, where it aims to expand beyond major cities. It will open one outlet in Laos, a Southeast Asian market the company only entered last year, it said in a statement Thursday. The move is intended to seize on Asia’s reopening as it continues to bounce back from the Covid-19 crisis, according to Michael Conway, Starbucks’ president of international and channel development.
Same-store sales in China fell 29% in the three months to January 1, the company said in an earnings presentation earlier this month. The metric refers to sales at stores open at least 13 months. Starbucks’ interim CEO Howard Schultz cited “Covid-related headwinds that unfolded in China” during the period. The company’s locations elsewhere proved to be bright spots during the quarter, with revenue jumping by more than 20% year-on-year for Asia Pacific, Conway said during the presentation.
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