Starbucks Corp. says it will triple the number of cafes it has in China and expand its presence in grocery stores.

The coffee company's executives laid out the Seattle-based company's strategy during an investor conference Wednesday.

Among its plans: Starbucks hopes to have 1,500 stores in China by 2015. The company also says it will look at acquisitions to build its consumer goods business.

Starbucks has been trying to sell more items in stores — such as its Via instant coffee — to maintain growth.

Starbucks CEO Howard Schultz says the company remains committed to coffee but is focusing on becoming a company with multiple brands and strategies for growth.

Shares of Starbucks rose 84 cents to $31.44 in midmorning trading.