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According to a recent report from Mintel Group, a UK-based research company, the number of cafes in China doubled from 15,898 in 2007 to 31,783 in 2012. Starbucks operates more than 800 of those stores in 58 cities on the Chinese mainland. They hope to have more than 1,500 stores in 70 cities by 2015. Starbucks Chief Executive Howard Schultz announced last week that they are predicting that China will soon become one of the company’s top markets. At the company’s annual shareholders meeting last week, the company disclosed its 2012 record revenue of $13.3 billion, noting that the company has achieved “stunning success” in China. The company currently has nearly 3,500 stores in 13 countries and regions in the Asia-Pacific. The Chinese mainland is now the fourth-largest market in Starbucks’ global network of more than 18,000 stores in 62 countries and regions. “It’s no doubt that one day China will become our second-largest market after the US and it’s possible that, over many years, potentially the largest one,” he said at the company’s annual meeting of shareholders. Starbucks isn’t alone. Other coffeemakers are looking to get a piece of the action. British company Costa Coffee aims to have 500 cafés in the country by 2016. Hong Kong-based Pacific Coffee is also looking to expand and overtake Starbucks on the Chinese mainland. For more info, click here
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