Starbucks presented the latest stage in its plan to drive growth for the company, which involves accelerating its global footprint and saving $3 billion in costs over the next three years.
The company said it plans to expand to 35,000 locations outside of North America by 2030. Starbucks currently has roughly 20,200 international cafes, as of Oct. 1. In total, the coffee giant aims to reach 55,000 locations globally by 2030, up from its current count of more than 38,000.
“Three out of every four new stores over the near term is 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 a company presentation.
Starbucks also announced a $3 billion cost-savings plan. Executives said $1 billion of those savings will come from making its stores more efficient. The rest will come from saving on its cost of goods sold.