Seoul:<Text>
Starbucks Korea announced plans to exceed 2,100 outlets by year-end, highlighting the U.S. coffee chain's persistent growth in South Korea, Asia's fourth-largest economy. The expansion illustrates Starbucks' commitment to broadening its footprint in the region.
According to Yonhap News Agency, Starbucks first entered the South Korean market in 1999 with a store near Ewha Womans University in Seoul, in partnership with Shinsegae Group. As of the end of June, the company operated 2,050 stores in the country, ranking third after the U.S. and China. Japan follows closely with 2,040 outlets.
A company spokesperson stated that new outlets, including Special Store locations, will be launched as planned to attract local consumers. These Special Stores will feature unique offerings such as scenic views and repurposed venues like old factories and theaters, while also connecting with traditional markets and local communities.
In January, Starbucks Korea committed to adding at least 100 outlets in 2023, following the opening of its 2,003rd store. The company's operating profit for the first half of the year was 75.4 billion won (US$54 million), a slight decrease from the previous year's 75.8 billion won. However, sales increased by 4.2 percent to 1.56 trillion won.
Starbucks Korea has enhanced its marketing efforts, including the introduction of vibrating pagers to replace the name-calling system for order pickups. Additionally, as of April 2024, Starbucks products are available through the delivery app Baedal Minjok (Baemin).
Shinsegae's E-Mart Inc. holds a 67.5 percent stake in Starbucks Korea, while the Government of Singapore Investment Corp. (GIC) owns the remaining 32.5 percent.