- cross-posted to:
- youshouldknow@lemmy.world
- cross-posted to:
- youshouldknow@lemmy.world
Starbucks is losing customers in China at a rapid pace. Consumers are less interested in foreign brands, more cost conscious and enticed by local rivals.
Luckin Coffee, a Chinese brand that started seven years ago, now generates more revenue in the country than Starbucks. It has nearly 3 times as many stores, and opens a new one, on average, every hour.
Brian Nicol, the new $100-million CEO of Starbucks Corporation sounded the alarm in October, calling the competition “extreme” in the company’s second-biggest market.
“We need to figure out how we grow in the market now and into the future” Mr. Niccol told Wall Street analysts.
Businessman Howard Schultz, Starbucks’s former CEO, insisted that the coffee chain would not enter a price war. “As customers become more knowledgeable about coffee, they will want to upgrade from lower-end or discounted products” he said in a talk.
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To be fair, Starbucks coffee kinda sucks.
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Burnt as cinders. Get a V60, kettle, and a grinder — never look back.
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They have coffee now?
“As customers become more knowledgeable about coffee, they will want to upgrade from lower-end or discounted products”
Exactly, they are going from Starbucks to better coffee, what is there to understand?
So close but so far from understanding the point.
Have they tried releasing another pork latte? Maybe it was just a fluke why it didn’t work the first time
Every week I pass by a starbucks at a major transit hubin Canada.
Used to be a big blocker with the crowd of40-50 people at all times waiting to either order or pickup.
Since feb it is below 8 people. The local coffee shop across the street, and even the Canadian fast food place that serves good breakfast though, they got a lot of new business.
:)
Smart people avoid Starbucks.
sugary jasmine tea frappés
Hmmm. Sounds strange but interesting and I’ve got all the ingredients at hand. Only thing missing is the right outside temperature. Frappé at 12°C kina sucks.
Is it the coffee or the American brand? I was always amazed they bought American brands. KFC is next.
They’re going to SPR Coffee instead.
