Starbucks unveiled its latest development plan on Thursday, which entails expanding globally and saving $3 billion over three years.
The firm wants to open 35,000 non-North American stores by 2030. Oct. 1 saw 20,200 Starbucks international cafes.
Three out of every four new stores over the near term is expected to be opened outside of the U.S. as our store portfolio becomes increasingly global.
Starbucks revealed a $3 billion cost-cutting initiative. Making its stores more efficient will save $1 billion, executives added. Rest will come from cost-of-goods savings.
Starbucks' final "Triple Shot Reinvention Strategy," published Thursday, calls for baristas' hourly pay to double by 2025.
That boost will come from more hours and salary. Starbucks said specifics would be released next week.
At such locations, Starbucks and the union have not established a collective bargaining agreement, and the union and NLRB have accused Starbucks of violating federal labor law.
Starbucks CEO Laxman Narasimhan claimed the company's “reinvention” plan, revealed last September, is ahead of schedule, improving sales and efficiency during the conference call.