Starbucks CEO Brian Niccol announced plans for substantial expansion in the Middle East and China, with 500 new outlets scheduled in the Middle East over five years, expected to create 5,000 jobs. This expansion comes after a decline in sales due to boycotts related to the Gaza conflict. Niccol emphasized the potential growth in China, stating there are over 7,000 stores currently and prospects for many more. The brand is working to address challenges in both regions, aiming to recover from recent downturns.
The boycott and that whole information cycle, it's really unfortunate. Because obviously, it hurts the brand, it hurts our partners in the stores, and the thing that's really disappointing about it is, it's just not based on anything that's accurate or true, you know, we've never supported any militaries.
Today, we have over 7,000 stores. There will be many more thousands of stores in China in our future.
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