2023 Starbucks Letter to Chinese Partners: China to Become Starbucks' Largest Market

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Starbucks CEO's New Year Address to Chinese Partners

Today, Starbucks interim CEO Howard Schultz released a New Year address to Chinese partners on the official website, expressing his vision for China's market development. The original text is as follows:

(The following is a translation)

Dear Chinese Partners—

During the holidays, I've been thinking about you and your families. As we enter the new calendar year, I'm reflecting on the tremendous challenges you've faced over the past few years. Despite the continued disruptions to your family and work life, I'm deeply grateful for your selflessness and incredible resilience in taking care of each other, serving our customers, and supporting our communities. It's in adversity that we reveal our true character. Thank you for remaining true to our values and demonstrating the essence of Starbucks.

I have weekly discussions with our China leadership team and am in daily contact with Belinda Wong to stay informed about developments in China. I'm deeply saddened to learn about the surge in infections across the country since early December, which has and will continue to significantly impact your lives and our business. I want to remind you again that the health and wellbeing of you, your families, and your partners are our top priority. As China enters the post-pandemic phase and begins to gradually fully open up, we will continue to protect and support our partners.

Over time, the gradual return to normalcy and pre-COVID routines in people's lives will undoubtedly help our business recovery in China. Our customers are eager to return to familiar daily life and lifestyles, and when people feel truly safe about venturing out, the tremendous pent-up consumer demand will be unleashed. That will happen. When it does, our customers will flock to our stores in large numbers to enjoy moments of reconnection, their favorite Starbucks beverages, and the quality Starbucks experience you provide.

Nevertheless, as Belinda has repeatedly shared, challenges and uncertainties remain, and the road to recovery will be nonlinear. While the spread of COVID-19 over the past two months has affected all retail businesses in China, we believe the disruption is temporary, and our stores and customers will gradually return to normal.

I know this is because Starbucks' commitment to China, to our partners and business in China, has never wavered, and it remains unwavering today. I still believe that even after more than twenty years in the market, we are still in the early chapters of China's development story. I believe that one day, China will become Starbucks' largest market. Because of you, our Chinese partners, I am certain of this. The ability you've demonstrated to face every challenge, overcome every obstacle and turmoil—and to build stronger operational capabilities in every unexpected test—fills me with the utmost confidence in the future of our business in China. In the coming decades, Starbucks will continue to invest in you and China. I assure you, our best days are ahead.

Please know that I can't wait to see you in China soon. I will look for the first opportunity to do so. In the meantime, as the Lunar New Year approaches, please accept my best wishes for you to reunite with your families and celebrate the Year of the Rabbit with health and prosperity.

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