Luckin Coffee, a Beijing-born chain, has rapidly grown to 35,000 stores globally, selling coffee and snacks via its app-first model.
Starbucks has completed over 1,000 renovations in nine months as part of a Back to Starbucks program, aiming to make hundreds more stores warmer and more welcoming. CEO Brian Niccol says the changes are restoring the “third place” appeal, lifting same-store sales in the latest quarter, while costs and margins are under pressure amid the remodel push.