Starbucks plans to increase China presence by 300%

Starbucks (SBUX.NASDAQ) plans to triple its retail footprint in China over the next four years, alongside significant expansion in other Asian markets, the Associated Press reported. According to a statement by Starbucks Asia-Pacific president Jinlong Wang, the world’s largest coffee retailer plans to have 1,500 retail locations in China by 2015, up from a current 470. The company also plans to operate 700 shops in South Korea by 2016, compared with 370 today. Revenues from outside the US were up 20% year-on-year in the second quarter, accounting for 23% of a total US$2.93 billion in revenues. The company plans to open its first outlet in India in 2012 and in Vietnam in 2013.