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Starbucks Made History, But Not In Way Investors Will Like (NASDAQ:SBUX)
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Espresso lane
Starbucks bets on China, suburbia and cyberspace
The world’s biggest caffeine-peddler has its best quarter of the pandemic. It could be better
H
OWARD SCHULTZ, former boss of Starbucks, used to imagine its coffee shops as a “third place”: a spot to hang out, as you do at home or in the office. Yet even free Wi-Fi persuaded only one in five Americans to stick around; the rest ordered to go. Then covid-19 collapsed the distinction between hearth and work. Being a two-and-a-halfth sort of place was not all bad in a plague. On January 26th Kevin Johnson, Mr Schultz’s successor, reported Starbucks’s best quarter of the pandemic so far. But global same-store sales, a benchmark metric, still fell by 5%.