Over 2,009 Stores, Surpassing Japan for the First Time
More Starbucks Stores Per Capita Than the United States
The number of Starbucks stores in South Korea has surpassed 2,000, overtaking Japan for the first time.
According to the Starbucks global website on the 30th, as of the end of last year, the number of stores in South Korea was 2,009, which is 18 more than Japan. South Korea has become the country with the third highest number of Starbucks stores, following the United States and China. At the end of 2023, South Korea had 1,893 Starbucks stores, while Japan had 1,901, showing a narrow difference. Since then, Japan added 90 stores, and South Korea added 116, allowing South Korea to surpass Japan in the number of stores.
There are a total of 36,121 Starbucks stores worldwide, with the United States accounting for 17,049 stores, or 47% of the total, and China accounting for 7,685 stores, or 21%. Japan’s population is 125 million, which is 2.4 times that of South Korea (approximately 52 million). Considering that the populations of the United States and China are approximately 330 million and 1.4 billion respectively, South Korea has more Starbucks stores per capita than these three countries.
Japan was the first country outside North America where Starbucks expanded, opening its first store in Ginza, Tokyo in 1996. South Korea followed three years later, opening its first store in front of Ewha Womans University in 1999, and surpassed 2,000 stores in 25 years. In 2020, South Korea had 1,508 stores, 121 fewer than Japan, but quickly closed the gap by adding 500 stores in four years. This means a new store opened approximately every three days.
Domestic Starbucks stores in South Korea have increased by more than 100 each year without fail since 2013. In 2023 and last year, the number of stores increased by 116 each year. Seoul has over 600 stores, accounting for about 30% of the total number of stores. In particular, Gangnam-gu has more than 100 stores located along Teheran-ro, where office buildings are densely concentrated.
Starbucks Korea (SCK Company) is estimated to have surpassed 3 trillion won in sales for the first time last year due to the continuous increase in the number of stores. However, the operating profit margin decreased by about half, from 10% in 2021 to 4.8% in 2023. The cumulative operating profit margin for the first to third quarters of last year rose slightly to 6.2%.
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