After barely a year in business, Luckin Coffee is challenging Starbucks in one of the US coffee giant’s top markets.
More than 1,700 Luckin outlets have sprung up across China this year. That includes a store in Beijing’s Forbidden City, the historic cultural site from which Starbucks (SBUX) was famously evicted more than a decade ago.
Luckin plans to have 2,000 outlets by the end of the year. It’s luring customers with cheap prices and savvy use of technology, which is forcing Starbucks to up its game.