Starbucks aims to open 1,000 stores in India by 2028

TheStreet’s J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets close for trading Tuesday, January 9th.

Full Video Transcript Below:

J.D. DURKIN: I’m J.D. Durkin – reporting from the New York Stock Exchange.

Stocks were X to close out today’s session. The Dow closed X, the Nasdaq closed X, and the S&P closed X. Tech shares led the way with NVIDIA hitting an all-time high, and Apple and Alphabet also witnessing gains.

Separately, Wall Street is looking ahead to the start of fourth quarter earnings season which will kick off on Friday with the big banks. These initial reports could give investors a better idea of how the rest of the earnings season will shape up.

Turning to retail – Starbucks announced its plans to expand its presence in India. The company says it has plans to operate 1,000 stores in the country by 2028. Starbucks currently has 390 stores in India, meaning the company plans to open a new store every three days over the next four years.

To accomplish its goal, Starbucks plans to open locations in smaller cities – saying in a statement quote “The company will double its workforce to approximately 8,600 partners as it plans to enter Tier 2 and 3 Indian cities, expand drive-thrus, airports and its 24-hour store footprint to serve customers where they are.”

In addition to its usual menu, locations in India also offer things like South Indian filtered coffee and masala chai.

Starbucks’ increased interest in India comes amid an ongoing slowdown in its second biggest market, China. The company operates 6,500 stores in the region, with an aim to grow that number to 9,000 by 2025. In 2023, Starbucks opened a new $200 million production and distribution center in the eastern part of China.

That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with TheStreet.

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