Starbucks said Wednesday it plans to open 12,000 additional stores globally in the next five years, taking the chain to a total of about 37,000 outlets.
Half of the new units will be in the U.S. and China.
"Demand is there, and our ability to deploy capital and get the return on invested capital is very strong," Kevin Johnson, president and COO of Starbucks, said at the coffee chain's investor day event in New York. Johnson will become CEO in April, succeeding Howard Schultz.
The Seattle-based company also is focusing on both its flagship Starbucks stores and the higher-end Reserve Roastery and Tasting Room outlets for the future growth. The company also has targeted the Reserve Roastery stores, which will sell premium coffee at around $10 a cup, to represent about one-fifth of total outlets by 2021.
Also, Starbucks plans to open new stand-alone outlets under Princi, a high-end Italian bakery the company invested in over the summer. The bakery will serve pizza and have locations in major markets such as New York, Seattle and Chicago by 2018. Also, Princi food is expected to be offered at all of the company's new Roastery locations.
At the meeting, Starbucks presented a five-year strategic plan to grow revenue by 10 percent and earnings per share to 15 to 20 percent. At the same time, the company targeted "mid-single digit" comparable-store sales each year.
"We feel we have ample opportunity for growth across the U.S.," said John Culver, group president-global retail for Starbucks. He said the company's ongoing expansion domestically has been without any significant cannibalization from new stores.
Culver also said the company plans to continue expanding the number of drive-thru locations in the U.S.
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