Starbucks' New CEO Says 'We Have Drifted From Our Core.' Read His Open Letter Here

Core Insights - Brian Niccol has taken over as the new CEO of Starbucks, emphasizing a return to the company's roots and improving the store experience for both employees and customers [1][2] - Niccol plans to implement a clearer distinction between "to-go" and "for-here" service to enhance the customer experience [1] - The company has faced declining same-store sales in recent quarters, attributed to reduced discretionary spending by consumers [2] Company Strategy - Niccol's initial focus will be on the U.S. market, with intentions to address the challenges posed by a difficult consumer spending environment [2] - There is a recognition within the company that it has drifted from its core values, presenting an opportunity to enhance the store experience [2] - Niccol has acknowledged the need to understand growth potential in China, where same-store sales dropped by 14% year-over-year last quarter [3] Market Presence - The U.S. and China together account for 61% of Starbucks' business, highlighting the importance of both markets in the company's strategy moving forward [3]