Starbucks has introduced a long-term growth strategy "Triple Shot Reinvention", to elevate the brand, strengthen and scale digitally, further expand globally, identify opportunities within and outside the store for efficiencies, and reinvigorate the partner culture.
Also known as “Triple Shot Reinvention with Two Pumps”, the plan was first introduced by founder Howard Schultz in September 2022 with a mission to reset the business to elevate the in-store experience for partners and customers. With an updated mission and an evolved set of promises and values, the new plan is the next step in the re-founding of the company.
The “Triple Shot” will focus on three priorities including “elevating the Starbucks brand”; “strengthening the company’s digital capabilities”; and “becoming truly global”; the “two pumps” include “unlocking efficiency” and “reinvigorating partner culture”.
In terms of brand elevation, Starbucks will launch further product innovation. The company will continue to grow coffee and its core menu through customisation and personalised marketing – adding popular beverage innovations to the core lineup, which now accounts for 85% of net beverage sales.
Starbucks has also announced plans to expand its global store footprint to 55,000 by 2030, an average of eight new stores a day bolstered by further expansion of digital platforms across all licensed partners globally.
On the other hand, Starbucks will continue to invest in the expansion of Starbucks Rewards. The company believes there is significant headroom in new store expansions with attractive returns, including continuing to infill existing cities with purpose-defined store formats, while entering more new county cities. Starbucks will also continue to invest in digitalisation across supply chain and store operations that fuel productivity and efficiency while driving innovation with customers, partners, coffee and sustainability.
As part of the company's fastest-growing markets, Starbucks China is uniquely positioned to support the growth opportunities the market presents. The business will continue driving comps in existing stores through global and locally relevant innovation across dayparts and across channels in beverages and food.
In terms of unlocking efficiency, Starbucks has implemented a US$3 billion efficiency programme, with US$2 billion outside the store in cost of goods sold to both reinvest in the business and to deliver returns to shareholders through progressive margin expansion and earnings growth.
In terms of reinvigorating partner culture, Starbucks said it is committed to furthering its mission, promises and values while investing in the partner experience around the world.
Michael Conway, group president, international and channel development, Starbucks, said: “Over the past five years, we have opened 9,000 stores – 7,000 of which were outside of the U.S.. We will become truly global as we create the surround sound of omni-channel strategies in the 86 markets where we sell Starbucks Coffee.”
Belinda Wong, chairwoman and co-CEO of Starbucks China, said: “We just concluded a watershed year in China, where we put the pandemic behind us, and built growth momentum for the future.”
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