Starbucks Collaborates with Universal Pictures, CEO Unveils 'Back to Starbucks' Plan
Starbucks is introducing some witchy fun and major changes this fall. The coffee giant is collaborating with Universal Pictures to celebrate the upcoming release of "Wicked", a prequel to "The Wizard of Oz." New drinks and merchandise inspired by the movie are already available in Starbucks stores across the U.S., Canada and select international markets.
Fans can try two limited-time beverages: "Elphaba's Cold Brew," a minty cold brew topped with vibrant green matcha cold foam and sprinkles, and "Glinda's Pink Potion," a refreshing mango dragonfruit drink with coconut milk and pink strawberry cold foam. A variety of "Wicked" tumblers, mugs and keychains will also be sold at Starbucks starting on November 7th.
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But the Seattle-based chain has more than the movie tie-in planned. New CEO Brian Niccol, who took the reins in September, is unveiling his "Back to Starbucks" plan to return the company to growth after a disappointing fiscal year. "My experience tells me that when we get back to our core identity and consistently deliver a great experience, our customers will come back," Niccol said.
Starting November 7th, Starbucks will eliminate the extra charge for non-dairy milks like oatmilk, reducing prices for nearly half of U.S. customers who customize their drinks. The chain also pledged not to raise prices in fiscal 2025.
To reclaim its "third place" positioning as a cozy spot to work and socialize, Starbucks is revamping store designs to "bring back that warmth," Niccol said. Comfy seating, ceramic mugs and the return of self-serve condiment bars are all part of the plan. Offering "fewer, better" menu items should also speed up service.
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With over 30% of U.S. sales coming from mobile orders, Starbucks aims to improve its app's accuracy in estimating when drinks will be ready. But the company has work to do to boost sales, which fell 3% to $9.07 billion last quarter. Global same-store sales dropped 7%, with U.S. and China traffic declining 10% and 14% respectively.
Still, Starbucks ended the quarter with 40,199 stores worldwide, 722 of which opened in the last three months alone. The U.S. and China remain its largest markets, housing 61% of the company's cafes.