Core Insights - Brian Niccol took over as CEO of Starbucks on September 9, 2024, during a challenging period for the company, and initiated a comprehensive reform plan called "Back to Starbucks" aimed at revitalizing the brand and operations [1] - Despite improvements in customer experience and employee morale, Starbucks' stock price has declined nearly 9% over the past year, significantly underperforming the S&P 500's 19% increase during the same period [1][2] - The company faces intense competition in the Chinese market, where local competitors like Luckin Coffee are rapidly expanding, putting pressure on Starbucks' traditional high-quality brand image [7][9] Global Strategy Effectiveness and Challenges - Upon taking office, Niccol identified numerous operational and brand image issues, including long wait times and insufficient staffing, and implemented a detailed revitalization plan [2] - One year later, management reports improvements in customer and employee experiences, but the stock price has not reflected this progress, with a nearly 9% decline since Niccol's appointment [2][6] - Specific operational measures include adjustments to the digital ordering system and a focus on reducing wait times for customers [2][4] Internal Management Adjustments - Niccol has introduced new employee dress codes and mandated more in-office work for corporate staff, which has faced some employee pushback [5] - Labor unions have raised concerns about staffing shortages, with a survey indicating that 91% of baristas reported understaffing issues [6] - In response, Starbucks announced a $500 million investment to increase staffing and operational spending, aiming to enhance employee engagement and management effectiveness [6] Strategy Adjustments in the Chinese Market - Starbucks' revenue in China reached $790 million in the latest fiscal quarter, accounting for about 8% of global quarterly revenue [7] - The company has faced fierce competition from local players, prompting Niccol to prioritize strategic adjustments in the Chinese market [9] - Starbucks has launched discount promotions and plans to introduce new store concepts to attract cost-conscious consumers and enhance the in-store experience [9][10] Overall Market Position and Future Outlook - Despite price reductions, Starbucks has not gained a competitive edge in the value segment, as many young consumers prioritize affordability over brand loyalty [12] - The company is exploring partnerships with local firms to accelerate its recovery in China, which could provide financial and operational support [10] - The path forward for Starbucks in China remains challenging, as the brand's café culture faces disruption from changing consumer behaviors in the digital age [12]
从员工罢工到价格大战,上任一周年,现任CEO给星巴克带来了什么?