Luckin Coffee (LKNCY), China’s largest coffee chain, opened its first store in New York City less than 200 feet from a Starbucks (SBUX), Hannah Miao and Heather Haddon of The Wall Street Journal reports. In China, Luckin Coffee overtook Starbucks in six years. With the company’s streamlined app, surplus of coupons, and timely alerts when the drink is ready for pickup, Luckin Coffee will likely prove as tough competition for Starbucks in the U.S.
Meet Your ETF AI Analyst
- Discover how TipRanks' ETF AI Analyst can help you make smarter investment decisions
- Explore ETFs TipRanks' users love and see what insights the ETF AI Analyst reveals about the ones you follow.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SBUX:
- “6,666 Times the Average Worker” Starbucks Stock (NASDAQ:SBUX) Slumps Under Brian Niccol’s Paycheck
- “Free Study Rooms” Coming to Chinese Starbucks (NASDAQ:SBUX) Locations
- A Fall Shake-Up is Coming to Starbucks: Starbucks Stock (NASDAQ:SBUX) Jumps
- We Now Know When Pumpkin Spice is Coming Back: Starbucks Stock (NASDAQ:SBUX) Dips
- Starbucks says Pumpkin Spice Latte returns August 26