Starbucks on Thursday presented the latest stage in its plan to drive growth for the company, which involves accelerating its global footprint and saving $3 billion in costs over the next three years.
The company said it plans to expand to 35,000 locations outside of North America by 2030. Starbucks currently has roughly 20,200 international cafes, as of Oct. 1. In total, the coffee giant aims to reach 55,000 locations globally by 2030, up from its current count of more than 38,000. “Three out of every four new stores over the near term is expected to be opened outside of the U.S.
The stock move reversed shares’ losses earlier this year, giving the company a market cap of $115 billion, as of Thursday’s close. During the company’s conference call, CEO Laxman Narasimhan said the company’s “reinvention” plan unveiled last September is moving ahead of schedule, driving both sales and efficiency for Starbucks. For example, the chain’s new single-cup drip coffee brewer is now installed in more than 600 locations.
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