Starbucks introduces 'reinvention' strategy

With a significant growth this year, 2024 earnings is projected to grow by 15% to 20%

Starbucks launched its long-range strategy “Triple Shot Reinvention,” which entails increasing its footprint to 55,000 stores worldwide by 2030.

Under the plan unveiled at the investor forum in New York City, Starbucks to double the 75 million global Starbucks Rewards members, and spawn partnerships with other brands like Microsoft, Apple and Amazon.

The strategy is also seen to generate $3b in savings and $2b outside store operations for three years.

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Starbucks launched a reinvention plan in September 2022, centred on human connection, surrounding six key promises for success towards stakeholders and the company’s 450,000 global green apron partners. 

This was proven by their Q4 and fiscal year 2023 earnings. With the trajectory, the company's performance in 2024 is projected to grow comps by around 5% to 7%, with revenue growth by 10% to 12%, and earnings growth by 15% to 20%.

“I truly believe that we have a rock-solid foundation from which to build significantly, to reimagine the ‘third place’ for more people, in more places, at more times of day, in more ways than just in the store, and to build more human connection at a time when we need it more than ever,” Laxman Narasimhan, CEO of Starbucks, stated.