Starbucks set to own East China stores
Print Edition
STARBUCKS Corp said yesterday it would buy the remaining 50 percent share of its East China business from its joint venture partners for about US$1.3 billion, in its biggest ever acquisition.
China is Starbucks’ fastest-growing market outside the US by number of stores.
The cash deal will give Starbucks ownership of about 1,300 stores in Shanghai and Jiangsu and Zhejiang provinces, and aligns with its target of operating 5,000 stores in China’s mainland by 2021.
Shanghai has almost 600 Starbucks outlets, the largest number in any city.
Starbucks is contending with a slowdown in in-store traffic back home as it works to speed up service at its cafes, where a large number of mobile orders had led to congestion and delays in serving orders.
Starbucks is buying the East China stores from joint ventureV partners Uni-President Enterprises Corp and President Chain Store Corp.
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