While it might seem like Starbucks is already everywhere you go, the company recently announced plans to add even more stores over the next few years. And now, they’ll have a new CEO to lead the way in getting there. Yep, the Starbucks changes are going to be big!
Onward and Upward
The coffee giant plans to open 12,000 new stores by 2021, CEO Howard Schultz said at an investors meeting. This represents a 32 percent growth in the number of stores over the next five years. If everything works out, there will be about 37,000 Starbucks locations worldwide. About half of the new stores will be in the U.S. and China.
Schultz said the plan will increase the company’s revenue by 10 percent. Some of the new stores will be Starbucks Reserve locations. Reserve stores will ditch the Frappuccinos for exotic pour-over brewed coffee and serve high-end food from Princi.
Starbucks also plans to open standalone Princi stores and larger Starbucks Reserve Roastery locations in New York, Chicago and Seattle. The Roastery will allow customers to watch their favorite coffee being made and visit a tasting room to become a coffee connoisseur. High class!
Starbucks Changes: New Leadership
To oversee these changes, Starbucks announced earlier this month that Kevin Johnson will replace Schultz as CEO in April. Schultz will become the company’s chairman and focus on building the Starbucks Reserve brand and improving its social outreach projects. He told investors that he’s “more than ready” to step down. He added that Donald Trump’s election has placed an increased focus on social responsibility.
“I think what that means for companies, no matter what industry you’re in, is that role and responsibility that we have as employers is going to be much greater,” Schultz said. “I think we fully understand that we have an enormous responsibility to multiple constituencies as we go forward in this uncharted place called America right now.”
Schultz has been with Starbucks since 1982 and previously stepped down as CEO in 2000. He came back to the role in 2008. During the time he was gone, the company ventured unsuccessfully into selling books and CDs.