Starbucks Corp unveiled a five-year growth plan, under which it would open more stores around the world, including several high-end coffee shops, while targeting annual revenue growth of 10 per cent.
The company said it would add 12,000 stores globally by 2021 and target comparable sales growth in mid-single digits and profit growth of 15-20 percent a year.
Starbucks Corp Chief Executive and co-founder Howard Schultz’s also announced a plan to build a new prestige brand in hopes of raising the company’s brand with millennials.
Schultz in April will move into the role of executive chairman to focus on opening 1,000 new ‘Reserve’ brand stores by the end of 2017 and adding Reserve bars to 20 percent of its traditional cafes, which now number 25,000 around the globe. By 2021, the chain plans to be operating 7,400 Reserve cafes.
Starbucks also envisions as many as 30 large, showcase…