XIAMEN, May 29 (Xinhua) -- Chinese start-up Luckin Coffee said it will run 10,000 stores by 2021 on Wednesday, nearly two weeks after its listing on the U.S. stock market.
Qian Zhiya, CEO of Luckin Coffee, said at its global coffee industry forum that Luckin attaches importance to product quality and user experience, and insist on cooperating with the top 10 percent of suppliers in the industry.
As of March 31, Luckin, founded in 2017, had set up 2,370 stores in 28 Chinese cities, snatching market shares from other established coffee chains such as Starbucks with competitive prices.
Data from Frost & Sullivan shows that only about 26 percent of consumers in China are willing to pay more than 30 yuan (4.34 U.S. dollars) for a cup of freshly ground coffee.
The new-model coffee retailers such as Luckin use the quick pick-up stores to reduce the price and help promote coffee consumption in China, according to experts with Frost & Sullivan.