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.
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