Starbucks Korea announced on November 6 that it has opened its seventh Starbucks Community Store, a profit-sharing store, in Gujwa-eup, Jeju City.
SEOUL, Feb. 12 (Korea Bizwire) – South Korea boasted the fourth-largest number of Starbucks outlets globally as of last year, driven by robust demand from local consumers.
According to data released Monday by the U.S. coffee giant, South Korea had 1,893 Starbucks stores in 2023, marking an increase of 116 from the previous year.
Despite having a population twice the size of South Korea’s, Japan trailed closely with 1,901 outlets.
Starbucks made its debut in Seoul in 1999 through a partnership with Shinsegae Group, a leading Korean retail conglomerate.
In the third quarter of 2023, SCK Co., the operator of Starbucks under Shinsegae, recorded sales of 758.6 billion won (US$560 million), with an operating profit of 49.8 billion won.
Currently, Starbucks employs approximately 23,000 staff members in South Korea.
Despite its global presence, Starbucks faces stiff competition from local brands offering more budget-friendly options. Ediya Coffee boasts over 3,000 stores as of 2023, while Mega Coffee operates 2,785 outlets.
Ashley Song (ashley@koreabizwire.com)
