US coffee retailer Starbucks sees much opportunity for expansion in North America but will become increasingly selective in its expansion abroad, according to chief executive Orin Smith.

"We have the brand in most of the most important markets" overseas, Smith was quoted as saying by Dow Jones News Service. "We will add to markets more selectively than we have in the past," he added, referring to international expansion plans.

"We're going to concentrate on growth in existing markets," Smith said, noting that Starbucks is in 29 countries outside North America. At the same time, however, Smith restated the company's plans to eventually have 15,000 stores internationally, ten times its current number.