Starbucks has unveiled an ambitious plan to double its addressable store market by the year 2030. The coffee giant announced that it will be adding over 17 thousand new outlets worldwide, increasing its total footprint by nearly half a million. According to Starbucks CEO Kevin Johnson, these new locations will be more “experience-driven” and environmentally friendly while creating more than 200 thousand jobs.
This expansion plan is part of Starbucks’ efforts to reach more customers and fuel continued growth. It is estimated that the chain’s current base is around and 33,000 stores, meaning that over 20,000 additional locations will be added across the globe in the next 10 years. This will allow the company to double its current addressable market and further capitalize on its already dominant global presence.
Starbucks’ new spaces will be flexible and feature different amenities according to the location’s needs. Stores may feature coffee bars, cocktail bars, virtual ordering or pickup, or even a wine bar depending on the region. Furthermore, the chain is moving towards a more sustainable mission by prioritizing eco-friendly construction methods and materials. Each new store loaded with energy-efficient equipment and plant-based packaging.
These changes will not only improve Starbucks’ customer experience but will also generate over 200K new job opportunities. Johnson stated that the company “will work closely with local leaders to identify social enterprises and initiatives to partner with that create local jobs and help develop local communities.”
Overall, Starbucks’ plan to add 17,000 new stores is a bold move that reflects the company’s desire for innovation and growth. Offering a more experiential, environmentally-conscious lifestyle through these stores, Starbucks is in a unique position to capitalize on the global coffee market and further extend its current footprint.