Word: stores
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Dates: during 2000-2009
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...wasn't recession-proof," says Bear Stearns analyst Joseph Buckley. The summer of 2007 was particularly bad because of consumers' growing boredom with Frappuccinos, which make up about 15% of sales, according to UBS analyst David Palmer. Then, in the quarter ending in September, traffic at established U.S. stores fell 1%, the first drop ever. The next quarter, traffic dropped again--down 3%--and comp-store sales fell 1%, the first time Starbucks had ever swung negative...
...just Schultz who's back. It was as if he were reassembling the band: Roberts, the merchandising guru; Wanda Herndon, who left in 2006 but returned to run global communications; and Arthur Rubinfeld, the company's first vice president for store development, who has known Schultz since the two were in their 20s. Schultz holed up with them and others he'd promoted from within at the Palace Ballroom in downtown Seattle for three days of 14-hour strategy sessions. The retreat started by listening to Beatles music and talking about how great icons reinvent themselves...
Schultz moved swiftly. On Jan. 30, he announced that Starbucks would close 100 underperforming stores and curtail U.S. store openings to about 1,175 in 2008, down 34% from the prior year. The breakfast sandwiches were toast in North America. To get focused on the long term, it would stop reporting comp-store sales to Wall Street. Then, at the March 19 annual meeting, the company laid out its initiatives to reinvigorate the "coffee experience." Some of the projects had been kicked around, but with Schultz back in the CEO chair, everything started to get done more rapidly. "The rate...
...Schultz, keeping in touch with the past is key to future success. Remembering who you are is the first step to becoming who you should be. Sometimes in the morning, he goes down to the original Starbucks at Pike Place. Before the store opens, Schultz lets himself in. He puts his hands on the wooden counter and thinks about how he felt at the beginning, what it was he was trying to do. Over the past few months, Schultz has also taken to passing around a memo he wrote in 1986. The letterhead says Il Giornale--Starbucks would come later...
...java giant's new strategy puts the focus back on the coffee WHAT'S IN WHAT'S OUT Grinding beans in stores Will restore the coffee aroma; the new Pike Place Roast will be the first ground Breakfast sandwiches Hot sellers, but they sometimes overpower the scent of coffee MyStarbucksIdea.com A site invites customers' gripes and suggestions Reporting comp-store sales Too much focus on numbers means less focus on customers The Mastrena You can see the barista over this new espresso machine The Verismo The old machine gives baristas less control over the steaming of milk and blocks their...