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Starbucks plans expansions

Investor's Business Daily

The world's largest coffeehouse chain plans to open another 1,500 cafes in the U.S. in the next 5 years. At its annual investor conference, Starbucks (SBUX) said its global footprint would grow to 20,000 cafes by '14, from about 18,000 currently. It expects growth in China to about 1,000 cafes from about 700 now, as it supplants Canada as the company's largest foreign market. Starbucks also announced plans to sell a limited edition stainless steel $450 gift card with $400 loaded on. Shares fell 0.7% to 50.79.