Despite declining sales, Starbucks continues to heavily invest in China. Last year, Starbucks (2022 turnover of US$32.25 billion, up by 11%) opened 724 stores in the country, mainly in second-tier cities like Qingyuan in Guangdong. This was the largest expansion plan (outside the U.S.A.) ever implemented.
In Q4 2022, sales in China fell by 29% on a comparable basis, including a 42%-drop in December. This was four times lower than expected, the group said. While it does not know when the...
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