Global expansion is just one of three updates Starbucks is planning, which make up the chain’s “Triple Shot Reinvention Strategy.” The company is also implementing a cost-reduction strategy it hopes will result in savings of $3 billion. Enhancing efficiency throughout all locations is a major aspect of the plan, which Starbucks claims will account for savings of $1 billion on its own.
Finally, the chain is planning to increase wages for staff members by Q4 2023. It’s no secret that baristas are put to the test throughout many locations, with customers expecting faster service while placing increasingly complex coffee orders. The wage increase could also be spurred by recent unionization efforts affecting 350 stores, as well as accusations that Starbucks has violated federal laws. With shares up and profits thriving, Starbucks certainly has lots of motivation to make substantial updates. However, only time will tell if the company can continue on its successful path.