{"id":120377,"date":"2024-10-31T08:39:48","date_gmt":"2024-10-31T01:39:48","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=120377"},"modified":"2024-10-31T08:39:48","modified_gmt":"2024-10-31T01:39:48","slug":"starbucks-ceo-brian-niccol-promising-bold-changes-with-overhaul-of-us-locations","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=120377","title":{"rendered":"Starbucks CEO Brian Niccol promising bold changes with overhaul of US locations"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div>\n<p>Starbucks\u00a0CEO Brian Niccol on Wednesday told investors that he plans to overhaul Starbucks\u2019 US locations, adding more comfortable seating, ceramic mugs and a coffee-condiment bar, with customer wait times of less than four minutes.<\/p>\n<p>Faced with falling demand for its pricey beverages in the key US and China markets as well as a slide in its share price, Starbucks\u2019 investors are counting on the\u00a0<a href=\"https:\/\/nypost.com\/2024\/09\/10\/business\/starbucks-ceo-brian-niccol-l\/\">new CEO\u00a0<\/a>to steer the company back to growth.<\/p>\n<p>The company last week\u00a0<a href=\"https:\/\/nypost.com\/2024\/10\/22\/business\/starbucks-shares-tumble-after-warning-of-drop-in-sales-profit\/\">suspended its forecast<\/a>\u00a0for its 2025 fiscal year.<\/p>\n<p>\u201cOur financial results were very disappointing, and it is clear we need to fundamentally change our strategy to win back customers and return to growth,\u201d Niccol said.<\/p>\n<figure class=\"nyp-slideshow-modal-image wp-block-image aligncenter size-large\"><figcaption>Starbucks\u00a0CEO Brian Niccol on Wednesday told investors that he plans to overhaul Starbucks\u2019 US locations, adding more comfortable seating, ceramic mugs and a coffee-condiment bar. <span class=\"credit\">AP<\/span><\/figcaption><\/figure>\n<p>The CEO said he wanted to make it \u201ceasier for our customers to get a cup of coffee,\u201d and that the company would aim to reduce wait times to less than four minutes. To help with that, and to make prices clear, Niccol also said the company would be simplifying its menu.<\/p>\n<aside class=\"single__inline-module aligncenter wp-block-nypost-editor-primary-tag\">\n<\/aside>\n<p>Niccol said staffing levels might increase, addressing a <a href=\"https:\/\/nypost.com\/2024\/10\/17\/business\/stressed-out-starbucks-baristas-cite-widespread-understaffing-in-survey\/\">complaint that has often been voiced by baristas<\/a> and by Starbucks Workers United, which is seeking to unionize Starbucks workers. \u201cI want to make sure that the teams are staffed to win every transaction,\u201d he said.<\/p>\n<p>Investors are hoping that Niccol, an industry veteran and former Chipotle Mexican Grill\u00a0head, will simplify the company\u2019s leadership and operating structure, and reinvigorate the coffee-house culture at Starbucks\u2019 US stores.<\/p>\n<p>Niccol said ceramic mugs would be offered to customers who are staying in the caf\u00e9, and that actions would be taken over the coming months to separate pick-up orders from sit-down orders. He said \u201ccommon sense guardrails\u201d would be placed on mobile ordering.<\/p>\n<figure class=\"nyp-slideshow-modal-image wp-block-image aligncenter size-large\"><figcaption>Shares of the company have risen about 26% since Niccol replaced Laxman Narasimhan as CEO in a surprise announcement in August.  <span class=\"credit\">Christopher Sadowski<\/span><\/figcaption><\/figure>\n<p>Shares of the company have risen about 26% since <a href=\"https:\/\/nypost.com\/2024\/08\/13\/business\/starbucks-hires-chipotle-boss-brian-niccol-as-its-next-ceo\/\">Niccol replaced Laxman Narasimhan as CEO<\/a> in a surprise announcement in August. They were little changed in extended trading on Wednesday.<\/p>\n<p>Starbucks posted\u00a0a 7% drop in global comparable sales for the fourth quarter\u00a0on Wednesday,\u00a0after reporting\u00a0preliminary results\u00a0for the quarter ended Sept. 29 last week.<\/p>\n<p>Comparable transactions, which reflect traffic at its stores, fell for the third straight quarter in North America.<\/p>\n<p>The Seattle-based company\u2019s strategy to drive demand through promotions and improved loyalty program offers\u00a0has fallen\u00a0flat in the face of muted spending from cost-conscious consumers.\u00a0Niccol acknowledged on Wednesday that the company had focused marketing too narrowly on rewards members.<\/p>\n<figure class=\"nyp-slideshow-modal-image wp-block-image aligncenter size-large\"><figcaption>Niccol want to cut down customer wait times to less than four minutes. <span class=\"credit\">AP<\/span><\/figcaption><\/figure>\n<p>Growth in its loyalty program was tepid in the fourth quarter, with 90-day active members in the US remaining flat sequentially. That compares with a 3% sequential rise reported in the third quarter.<\/p>\n<aside class=\"single__inline-module alignright\">\n\t<\/aside>\n<p>Starbucks is also facing an uphill battle in China, where it is dealing with a choppy macroeconomic recovery and stiff competition from local brands.<\/p>\n<p>Comparable sales in China, the company\u2019s second-largest market after the US, declined for three straight quarters, falling 14% in the fourth quarter.<\/p>\n<p>International comparable sales fell 9% in the fourth quarter,\u00a0wider than\u00a0a 6.5% drop\u00a0expected by analysts, as per data compiled by LSEG.<\/p>\n<p>The company\u2019s net income fell to $909.3 million, or 80 cents per share, from $1.22 billion, or $1.06 per share, a year earlier in the fourth quarter ended Sept 29.<\/p>\n<p>Some menu simplifications are coming soon. A company spokesperson on Wednesday confirmed the chain will on Nov. 7 be removing from the menu its <a href=\"https:\/\/nypost.com\/2024\/10\/30\/lifestyle\/starbucks-is-removing-these-foul-drinks-from-its-menu-to-speed-up-service\/\">olive-oil-infused drinks<\/a>, which were backed by former Starbucks CEO Howard Schultz, though the decision was made before Niccol became CEO.<\/p>\n<\/p><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><div data-type=\"_mgwidget\" data-widget-id=\"1660802\">\r\n<\/div>\r\n<script>(function(w,q){w[q]=w[q]||[];w[q].push([\"_mgc.load\"])})(window,\"_mgq\");\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/nypost.com\/2024\/10\/30\/business\/starbucks-ceo-biran-niccol-promising-bold-changes-with-overhaul-of-us-locations\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Starbucks\u00a0CEO Brian Niccol on Wednesday told investors that he plans to overhaul Starbucks\u2019 US locations, adding more comfortable seating, ceramic mugs and a coffee-condiment bar, with customer wait times of &hellip; <a href=\"https:\/\/hotvideos24.online\/?p=120377\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-120377","post","type-post","status-publish","format-standard","hentry","category-business","entry"],"_links":{"self":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/120377","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=120377"}],"version-history":[{"count":0,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/120377\/revisions"}],"wp:attachment":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=120377"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=120377"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=120377"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}