How Starbucks turned fast coffee into a $36 billion business
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- Опубліковано 16 жов 2024
- With over 35,000 stores in 80 different countries, Starbucks (SBUX) has created a perception of being an affordable luxury for the past 40 years.
In 2023 alone the coffee chain generated almost $36 billion in revenue. But what are some of the achievements that led to such success? Beyond the Ticker takes a deep dive into the company's history.
1971
Starbucks was founded by Jerry Baldwin, Zev Siegl, and Gordon Bowker at Seattle's Pike Place Market.
1971 - 1976
The first Starbucks store was located in Seattle at 2000 Western Avenue from 1971 to 1976, then it moved to its first official location - 1912 Pike Place.
1987
The three founders were ready to sell the Starbucks brand - that's when Howard Schultz, who was actually their former head of marketing, returned to acquire the company after he had left to create his own booming cafe business - il Giornale.
1992
In June 1992, Schultz took the company public with a portfolio of 140 stores, a revenue of $73.5 million, and a market value of $271 million.
By September 1992, Starbucks' share price jumped nearly 40% since its IPO.
2003
Starbucks acquired its hometown rival coffee business Seattle's Best Coffee and Torrefazione Italia from AFC Enterprises for $72 million to help expand its footprint.
2008
Starbucks faced its weakest quarter as a public company as U.S. consumers pulled back amid economic troubles, leading to the closure of 600 underperforming stores and cutting U.S. expansion plans.
2020
In March, 2020, Starbucks closed café-only stores in the United States for two weeks due to the COVID-19 pandemic. COVID-19 lockdowns caused Starbucks to suffer a general 10% sales decrease and a 50% decline in sales in China.
2022-2023
In October 2022, Starbucks named Laxman Narasimhan as interim CEO before he took over the helm from Schultz in late March 2023, marking the end of Shultz’s third and what is expected to be his final tenure as CEO.
And so, from a single store to the international coffee powerhouse it is today with innovation at its core, the momentum is there as Starbucks aims to ramp up its locations internationally.
From tech giants to retail titans, Beyond the Ticker is a historical series that takes a deep dive into some of Wall Street's trending companies and how they transformed into the financial icons they are today.
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Keep your ….coffee 7$ cup out of my price range
It's all marketing. You can buy a coffee easily before they existed.
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It’s time to get Starbucks 😂. Geez what a sad addiction
Starbucks is not that fast
And Dunkin tastes better anyway