Starbucks Coffee Company has announced its long-term growth strategy, Triple Shot Reinvention with Two Pumps, to elevate the brand, strengthen and scale digital, further expand globally, identify opportunities within and outside the store for efficiencies, and reinvigorate the partner (employee) culture. The strategy builds on the significant business momentum from the past year, while laying out a roadmap for how the company will deliver long-term, sustainable growth and outsized returns to partners, customers, and shareholders.
“I am immensely proud of the work we have done so far in reinventing and re-founding the company for its next phase of growth. I am excited about our multiple paths to revenue growth and earnings, which should give you confidence in our ability to meet our goals,” said Laxman Narasimhan, chief executive officer of Starbucks, as part of the company’s presentation to investors in New York City.
“I am honoured to be leading this talented group of over 450,000 green apron partners, including this executive leadership team, to deliver human connection more broadly around the world for the benefit of us all.”
Starbucks' plans for Reinvention were first introduced by founder Howard Schultz at the company’s Investor Day in September 2022, resetting the business to elevate the in-store experience for partners and for customers and is seeing strong early momentum on every key metric.
With an updated mission and an evolved set of promises and values, the Triple Shot Reinvention with Two Pumps is the next step in the re-founding of the company. Starbucks will deliver significant value to partners, customers and shareholders by:
- Elevating the brand
- Strengthening and scaling digital
- Becoming truly global
These strategies are customized with two enabling “pumps”, which will:
- Unlock efficiency, and
- Reinvigorate the partner culture
With the U.S. store count slated to reach more than 16,300 – with a four percent net new store growth planned in FY24 and an aspiration to reach 20,000 over the long term – the company will leverage the vast channels available to meet the evolving needs of customers and further elevate the brand. Starbucks will focus on running better stores through a stronger operating foundation.