Bloomberg News

Starbucks CEO Sees Adding 1,000 U.S. Stores in Five Years

October 04, 2012

Starbucks’s Schultz Sees 1,000 New U.S. Stores in Five Years

Starbucks Corp. Chief Executive Officer Howard Schultz has been countering slowing growth in the U.S. with expansions abroad and in September set the date of its first store in India for this month. Photographer: F. Carter Smith/Bloomberg

Starbucks Corp. (SBUX:US) Chief Executive Officer Howard Schultz said his company plans to add 1,000 stores in the U.S. in the next five years.

The locations, which will employ about 20 workers each, could add a total of 20,000 jobs, Schultz said today in an interview in Houston. Schultz, 59, also said he has no plans to retire and still has a lot to accomplish at the company he has been with for more than two decades.

Starbucks is working to attract customers concerned about the economy by selling juice, energy drinks and better food alongside its traditional coffee. The company cut its fourth- quarter profit forecast in July, citing slowing sales growth in the U.S. and the recession in Europe.

The company has more than 17,400 locations worldwide including about 10,800 in the U.S. and 740 in the U.K., its largest market in Europe.

Schultz has been countering slowing growth in the U.S. with expansions abroad and in September set the date of its first store in India for this month. The CEO said today that the company is on track to have 1,500 locations in China by 2015 and that he is “very bullish” on the nation despite its recent slowing growth.

Starbucks fell (SBUX:US) 0.8 percent to $49.10 at the close in New York. The Seattle-based company’s shares have gained 6.7 percent this year.

To contact the reporter on this story: Leslie Patton in Chicago at lpatton5@bloomberg.net

To contact the editor responsible for this story: Robin Ajello at rajello@bloomberg.net


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Companies Mentioned

  • SBUX
    (Starbucks Corp)
    • $80.45 USD
    • 1.31
    • 1.63%
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