As economy recession hit North America and many parts of the world (i.e., Europe) in the beginning of 2008, Starbucks was struggling to meet its quarterly earnings. There were about 16,680 stores in 2008, and soon after that management decided to close some stores and lay off workers due to economy turmoil. At the same time, CEO Howard Schultz returned to rescue the coffee chains which make Wall Street investors happy. With Schultz as the boss, Starbucks market value recovered to a normal level and continued to increase over several hundred percentages until early 2012.
The new management has decided to expand aggressively into a new market and targeted Asia-Pacific region. Starbucks is now on track to reach 4,000 stores in the region by the end of 2013. The highest grow will occur in Mainland China with about 1,000 stores, followed by Japan with about 1,000 stores, South Korea with about 500 stores and other nations including Vietnam, India, Singapore, Indonesia, and others. The Great Wall States is projected to become Starbucks‘s second-largest market as the company plan to operate 1,500 stores in 70 Chinese cities in 2015.
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