Starbucks (SBUX) has unveiled details of a strategic plan that will see the retail coffee chain open 17,000 new locations by 2030 even as it cuts $3 billion U.S. in costs.
The Seattle-based company said that it plans to grow to 35,000 locations outside of North America by 2030, up from 20,000 international outlets currently.
In total, Starbucks plans to have 55,000 retail outlets globally by 2030, up from 38,000 today.
Starbucks also announced $3 billion in cost-cutting measures. Executives said $1 billion U.S. of those savings will come from making its stores more efficient.
The company also announced plans to raise the wages of its workers, doubling their hourly income by the end of 2025.
The pay raise comes as more than 350 Starbucks locations have unionized under Workers United. Starbucks and the union have not yet reached a collective agreement.
The new strategic plan, called the “Triple Shot Reinvention Strategy,” was unveiled on the same day that Starbucks issued better-than-expected fiscal fourth-quarter results, sending its stock up 10% in a single trading day.
Starbucks’ stock has now risen 18% over the last 12 months to trade at $100.01 U.S. per share.
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