Luckin Coffee, the largest coffee chain in China, is officially open in the U.S., giving Starbucks a run for its money.
In China, Starbucks’ second-largest market after the U.S., competition is fierce, with consumers increasingly cautious about their spending. Starbucks faces significant challenges from domestic rivals like Luckin Coffee, which attracts customers with cashier-less stores and drinks priced as low as 8.8 to 9.9 yuan ($1.23 to $1.38).
