Starbucks is facing challenges in its China market, as same-store sales in the country plummeted 14% in the company's fourth quarter.
And it is far from the only one. Other local rivals include Cotti Coffee, Manner, M Stand, Seesaw and Nowwa.For example, in Beijing, a small latte that costs $4.22 at Starbucks goes for $2.25 at Luckin, $1.75 at Cotti, and $2.11 at Manner. And that's without the regular steep discounts. One recent day, for example, saw Luckin offering a promotion selling most drinks at 90 cents.
For the coffee competition, the Chinese chains keep their brews interesting by switching up the menu often and experimenting with combos that go well beyond the traditional cappuccino.
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