Starbucks Corp. (SBUX) is on every street corner in the U.S., but you should see it in China.
The ubiquitous coffee chain's founder and executive chairman Howard Schultz said at the DealBook Conference Thursday, Nov. 9, that Starbucks opens a new location in China every single day.
China, Schultz said, is the company's most profitable region at the store level currently. Starbucks is currently undertaking major expansions in the region, even as competitors fall flat on similar aspirations.
"There is going to be a big consolidation of all brick and mortar retailers. Starbucks is going to be a big winner," Schultz said.
In the same appearance, Schultz reiterated that he is not considering running for President at the moment.
But Schultz added that he is "deeply concerned about the direction of the country, our standing in the world and the number of Americans who are not participating in the economy," according to reports on Twitter.
Schultz also says not thinking about running for president right now, but is "deeply concerned about the direction of the country, our standing in the world, and the number of Americans who are not participating in the economy." at #DealBook this am— Kate Rogers (@KateRogersNews) November 9, 2017
Schultz, who served as CEO of Starbucks until April 2017, pointed out the flaws in contemporary bipartisan politics that isn't reminiscent of the "spirit" of America.
Howard Schultz of @Starbucks, long pegged as a potential presidential candidate: "We are being imprinted with a level of dysfunction and polarity...that is not in keeping with the spirit of the country." #DealBook— Tiffany Hsu (@tiffkhsu) November 9, 2017
"I don't think any company or CEO should take a political position for personal vanity or personal gain," Schultz added.
Howard Schultz: "I don't think any company or CEO should take a political position for personal vanity or personal gain." He says his company tries to take part in politics when it can improve its customers lives. #DealBook— DealBook (@dealbook) November 9, 2017
Schultz tacked on comments about proposed tax reform currently working its way through Washington.
"I don't believe that corporate America needs a 20% tax cut ... when so many Americans live paycheck to paycheck," Schultz said. "This is not tax reform. This is a tax cut. This is fool's gold," Schultz added.
Starbucks stock fell 1.3% to $57.17 in mid-morning trading Thursday.
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