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  "docSlug": "93cbee808d66",
  "documentTitle": "Starbucks (SBUX)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square Capital Management",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2018-10-09 00:00:00",
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  "pageNumber": 26,
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  "notes": "The slide uses a bar chart to illustrate the growth trajectory of Starbucks in China, comparing current estimates, management targets, and long-term potential relative to the U.S. market.",
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      "kind": "callout",
      "text": "Starbucks plans to nearly double its units in China over the next four years, and estimates that China will ultimately surpass the size of the U.S. business",
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      "kind": "callout",
      "text": "Starbucks plans to nearly double its units in China over the four years, and estimates that China will ultimately surpass the size of the U.S. business",
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      "text": "Starbucks Store Count in China ('000s)",
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      "text": "Store Count: 14.4+",
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      "text": "Source: Pershing Square estimates for 2018E; Starbucks management commentary for 2022E and long-term potential. (1) Based on management commentary that the company expects the size of its China business to be bigger than its U.S. business over the long-term.",
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      "kind": "title",
      "text": "Long Runway for Growth in China",
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