Starbucks has reached a significant milestone in South Korea, becoming the chain's third-largest market after the US and China. The country has surpassed Japan in store count, reflecting a growing coffee culture and consumer demand.
• As of the end of last year, South Korea had 2,009 Starbucks locations, surpassing Japan by 18 stores.
• The rapid expansion saw an increase of 116 stores in the past year, while Japan only added 90.
• Seoul is a major hub with over 600 stores, with Gangnam District featuring close to 100 locations.
• Despite strong revenue growth, Starbucks Korea faced a decline in operating profit margin from 10% to 4.8% between 2021 and 2023.
This growth in store presence highlights South Korea's unique coffee culture, with high per capita coffee consumption. The trend shows that consumers are increasingly favoring coffee shops, making the market a key area for future expansion and innovation.
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