Starbucks plans to start testing cold espresso at some cafes later this year as consumers increasingly cling to cold drinks for their caffeine shake.
The drink was already available at the exclusive Starbucks Reserve locations. Cold drinks, favored by younger customers, have played a crucial role in the growth of the chain’s own store sales in recent years. In the last three years, consumers have spent more than $ 1 billion on Starbucks cold drinks.
“More than 50% of the drinks we sell at Starbucks are cold,” Kevin CNBC CEO Kate Rogers said Wednesday in an interview with Halftime Report.
Johnson predicted that after the pandemic subsides, consumers will be looking for more social interaction, which will take them back to Starbucks cafes to buy their cold drinks. But they are likely to also continue to use traffic lanes or mobile controls to make coffee.
The company is also preparing to open next year one of its first sustainable roasting plants in China. With $ 150 million allocated, the project is the company’s largest investment outside the United States and the first in Asia.
“This is what we’re doing to not only reduce our carbon footprint, ultimately, to zero, but to store more carbon than we emit,” Johnson said. “This is our long-term agenda and we are committed to it.”
Starbucks shares have risen 86% over the past year, giving it a market value of $ 129 billion. Although the company’s sales have been hit by the pandemic, its recovery in the United States and China is occurring faster than expected. In the next quarter, Starbucks expects sales in the same stores in the U.S. to grow from 5% to 10% and Chinese sales in the same stores are expected to nearly double.