Starbucks plans to open more than 3,000 new shops in the Americas in the next five years, an increase of more than 20 percent, as it pushes a growth strategy that relies on tea and juice as much as coffee, the world's largest coffee chain said Wednesday.
The company is done with acquisitions for the time being, after a spate of deals that added juice seller Evolution Fresh and Bay Bread's La Boulange Bakery for $30 million and $100 million, respectively. The company has also agreed to buy tea store chain Teavana Holdings for $620 million.
"We're pretty full up at this time in terms of our resources and capabilities," Chief Executive Howard Schultz said at Starbucks' investor conference in New York on Wednesday. "At this moment in time we have enough to handle."
Food long has been a weak link at Starbucks, which plans to roll out La Boulange pastries and other goodies to 2,500 of its company-operated U.S. shops by the end of next year. Starbucks also expects to have Evolution fresh juices in more than 5,000 U.S. stores by the end of 2013.