Starbucks has unveiled its plan to drive growth by expanding its global presence and saving $3 billion in costs over the next three years. The coffee giant aims to reach 35,000 locations outside of North America by 2030, up from its current count of 20,200 international cafes. Additionally, Starbucks plans to achieve a total of 55,000 locations globally by 2030. The company also announced a $3 billion cost-savings plan, with $1 billion of the savings expected to come from store efficiency improvements.
Moreover, Starbucks revealed wage increases for baristas, aiming to double their hourly income by the end of fiscal 2025. The company’s “Triple Shot Reinvention Strategy” seeks to simplify operations and improve efficiency, addressing recent challenges such as more complex drink orders and increased demand for quick service. Despite accusations of breaking labor laws, Starbucks reported strong fiscal fourth-quarter results, beating analysts’ estimates and boosting its market cap.