Starbucks Joins China Price War With Discounts for Tea Drinks
Starbucks Corp. on Monday announced price cuts for a slew of its tea-based beverages at its stores across China, as the American coffee chain takes a more aggressive approach to revive sales at its second-biggest market.
Starbucks will reduce prices by 5 yuan (70 cents) on average across more than a dozen Frappuccino, iced tea and tea latte options in its latest campaign to appeal to Chinese consumers for non-coffee offerings during summer, according to a statement posted on the company's official account on Chinese social media WeChat on Monday .
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