00:00
Speaker A
This is how you order at Luckin. No line, no register, just a QR code in your drink waiting for you on a shelf.
00:04
Speaker A
At its peak in 2020, there were over 100,000 coffee shops competing for the same customers. The king was undoubtedly Starbucks.
00:15
Speaker A
But long lines and premium prices left a gap to be filled. Luckin saw it.
00:20
Speaker A
Luckin wrote that the Chinese coffee market was too expensive and inconvenient.
00:24
Speaker A
So, to fill this market gap, Luckin built a 100% cashierless environment. Translation, convenience.
00:32
Speaker A
By late 2024, Luckin told investors it was actively evaluating the crowded US market, opening its first US store in 2025.
00:41
Speaker A
Now, it's here. 20 New York locations in just over a year.
00:46
Speaker A
Meanwhile, in 2025, Starbucks announced it was closing 80 to 90 of its own US pickup locations, labeling them too transactional, not enough warmth.
00:56
Speaker A
Starbucks said we need more human connection.
00:58
Speaker A
Luckin said, here's a QR code.
