Starbucks aims to add 100 shops in Korea this year

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Starbucks aims to add 100 shops in Korea this year

The exterior of Starbucks' Hwangudan branch in central Seoul [STARBUCKS KOREA]

The exterior of Starbucks' Hwangudan branch in central Seoul [STARBUCKS KOREA]

 
Starbucks Korea is planning to add at least 100 outlets this year after recently opening its 2,003rd store in Asia's fourth-biggest economy, an industry source said Thursday.
 
Starbucks introduced its first store in front of Ewha Womans University in Seoul in 1999 in partnership with Shinsegae Group.
 
Korea now ranks third in terms of the number of Starbucks outlets after the United States with 16,941 stores and China with 7,596, a person familiar with the matter told Yonhap News Agency. There are 1,986 Starbucks outlets in Japan.
 

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Starbucks Korea is widely expected to report a record 3 trillion won ($2.09 billion) in sales for 2024, given that its sales for the January-October period jumped 6.2 percent on year to 2.28 trillion won, the person said.
 
In 2023, the company posted sales of 2.93 trillion won.
 
Its strong performance has been partly attributed to its aggressive marketing efforts that included its collaboration with Warner Bros. to launch Harry Potter-inspired products and differentiated customer services.
 
The company introduced vibration bells at its outlets in March 2023 to let its customers know when their coffee or food is ready, replacing the "call my name" service where customers' names or nicknames are called out loud.
 
Starbucks coffee has also been available on the delivery app Baedal Minjok, or Baemin, since April 2024.
 
Shinsegae's discount store chain Emart holds a 67.5 percent stake in the coffee chain here and the Government of Singapore Investment owns the remaining 32.5 percent stake.

YONHAP
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