Starbucks unveils plan to add 17,000 locations by 2030

Starbucks on Thursday 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.

Starbucks on Thursday 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-saving plan. Executives said $1 billion of those savings will come from making its stores more efficient. The rest will come from savings on the cost of goods sold.

The final piece of what Starbucks called its “Triple Shot Reinvention Strategy,” announced Thursday, calls for wage increases for baristas, doubling their hourly income over fiscal 2020 earnings by the end of fiscal 2025. That jump will come from both increased hours and higher pay. Starbucks said it would share more details next week.