Two months after telling investors it plans to open 100 new coffee stores in the Philippines and 100 more in Indonesia over the next three to four years, Starbucks (NASDAQ: SBUX ) completed a Southeast Asian trifecta Wednesday when it said it plans to open an additional 100 stores in Malaysia.
The new stores will be opening over the course of the next four years, said Starbucks China and Asia Pacific Channel Development and Emerging Brands President John Culver at a stop in Kuala Lumpur, according to the company. "We have a historic opportunity to become one of the most respected and enduring brands across Southeast Asia, delivering an unparalleled experience to Starbucks customers, while supporting local communities," he is quoted as saying.
Starbucks has been present in the Malaysian market for 15 years already, having opened its first store at the KL Plaza in Kuala Lumpur in 1998, and has grown its presence to 141 stores. This week's announced expansion would grow that total by 71% in four years' time. It operates more than 700 stores across six Southeast Asian markets, including Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam.