Starbucks Says It Will Open 17,000 Locations Globally by 2030, While Cutting $3 Billion in Costs

Starbucks Corp. unveiled an ambitious strategy for long-term growth that includes growing to a total of 55,000 locations worldwide by 2030, up from a current global count of about 38,000. 

Starbucks’ U.S. store count is slated to reach more than 16,300 – with 4% net new store growth planned for fiscal 2024 — and a goal of 20,000 over the long term, reports Chain Store Age. The company said it will grow its U.S. store portfolio with more “purpose-defined stores“ such as pick-up, drive-thru only, double-sided drive-thru and delivery-only as well as accelerated renovations.

The company also plans to generate $3 billion in savings over three years, it said recently. Of the savings, $2 billion is expected to come from outside the store through savings on its cost of goods sold, with the remaining $1 billion expected to come from making stores more efficient.

The new plan was unveiled at the company’s 2023 investor day on Thursday, the same day that it reported better-than-expected fourth-quarter earnings and sales. It builds on the reinvention strategy introduced at the company’s 2022 investor day by former CEO Howard Schultz, which involved resetting the business to elevate the in-store experience for employees and customers and making its stores more efficient.

The company, which has about 20,200 international stores, plans to expand to 35,000 locations outside of North America by 2030.  In total, Starbucks has set a total of reaching 55,000 locations globally by 2030, up from its current count of approximately 38,000.  

“Three out of every four new stores over the near term are expected to be opened outside of the U.S. as our store portfolio becomes increasingly global,” Michael Conway, president of Starbucks’ international and channel development divisions, said during an investors day presentation.

Starbucks is also raising wages. By the end of fiscal year 2025, the company said it expects to have doubled hourly income in the U.S. versus fiscal 2020 through more hours and higher wages.