Starbucks Plans Chinese Invasion

(RTTNews) - Starbucks Corp. (SBUX) aims to double the store count in China by 2021, as , increasing the world's largest coffee retailer expects the country to become a bigger market than the U.S.

Starbucks also promoted Belinda Wong to CEO of Starbucks China. Wong previously served as President of Operations. Wong will also oversee the opening of Starbucks' first international Roastery and Reserve Tasting Room in Shanghai in 2017. Wong will continue to report to John Culver, group president of Starbucks global retail.

The coffee chain now has about 2,300 outlets in mainland China, which it expects will double to 5,000 stores in within five years, the Seattle-based company said in a statement. Starbucks currently generates about 13 percent of its revenue from the Asia-Pacific region.