Subscribe to TheStreet's free daily newsletter 💵💰 However, its business has faced some declines over the last few quarters, leading it to enact a huge turnaround strategy to improve its overall business.

China's largest coffee chain, Luckin Coffee, opened its first two stores in the United States on Monday, marking its entry into the competitive American coffee market. The new locations are situated in Manhattan's Greenwich Village and NoMad neighborhood.

Luckin Coffee Inc., the Chinese chain that overtook Starbucks back in its home market, is turning up the heat with the opening of its first US locations in New York on Monday.