China Daily Website - Connecting China Connecting the World
USEUROPE AFRICAASIA 中文Français

Sorry, the page you requested was not found.

Please check the URL for proper spelling and capitalization. If you're having trouble locating a destination on Chinadaily.com.cn, try visiting the Chinadaily home page

BACK TO THE TOP
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
China\Society

Starbucks to pay $1.3 billion for 1,300 stores in China

Updated: 2017-07-28 00:54

Coffee chain Starbucks Corp said on Thursday it would buy the remaining 50 percent share of its East China business from its joint venture partners for about $1.3 billion, in its biggest ever acquisition.

China is Starbucks' fastest-growing market outside the United States 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 Chinese mainland na by 2021.

Shanghai has almost 600 Starbucks outlets, the largest number in any city. It will also be the first city outside the United States to have a coffee roastery and tasting room, set to open in December this year.

Starbucks is contending with a slowdown in in-store traffic back in the US 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 JV partners Uni-President Enterprises Corp (UPEC) and President Chain Store Corp (PCSC).

In a separate deal, Starbucks will sell its 50 percent stake in its Taiwan JV to UPEC and PCSC for about $175 million. The Taiwan JV operates about 410 Starbucks stores.

REUTERS

Today's Top News

Editor's picks

Most Viewed

China Daily Website - Connecting China Connecting the World
USEUROPE AFRICAASIA 中文Français

Sorry, the page you requested was not found.

Please check the URL for proper spelling and capitalization. If you're having trouble locating a destination on Chinadaily.com.cn, try visiting the Chinadaily home page

BACK TO THE TOP
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US