Former Chipotle CEO Brian Niccol is starting as chief executive of Starbucks.
He's tasked with turning around the coffee giant, which has seen same-store sales shrink over the last two quarters.
Like most restaurant chains, Starbucks has been hiking its prices in recent years in response to inflation. Last year, it looked as if the coffee giant was able to escape the same consumer price sensitivity that was hitting other restaurant companies, like Outback Steakhouse owner For decades, Starbucks cultivated an image as a caring employer and a corporate ally, boasting about its superior benefits for baristas and support for liberal causes like same-sex marriage. However, that identity began shifting as the company fought to curb the unionization movement that hit its cafes, starting in 2021.
Maybe most importantly, the shift to mobile ordering has eroded Starbucks' in-store experience as what longtime CEO Howard Schultz billed as a "third place" between home and work, adding to the brand's identity crisis.Its foray into energy drinks with an iced line failed to stick with customers, possibly because the drinks were only available in Starbucks' large "venti" size. A spicy extension of its popular Refreshers likewise garnered negative reactions online.
Restaurants Business Breaking News: Business Starbucks Corp Brian Niccol Chipotle Mexican Grill Inc Laxman Narasimhan Lifestyle Bloomin' Brands Inc Mcdonald's Corp Yum! Brands Inc Business News
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