New Starbucks CEO Brian Niccol lays out vision for success

Published: Sep 10, 2024 Duration: 00:03:40 Category: News & Politics

Tags : news money personal finance investing business politics market INVESTMENT stock market yahoo finance stocks Markets FX Bonds nyse Savings Currencies Equities Yahoo FInance Premium

Trending searches: starbucks ceo brian niccol

let's take a look at Starbucks our new CEO Brian nickel officially starting his role this week in an open letter he outlined his vision for the company and how he plans to spend his time addressing some of those key issues that Yahoo finances Brooke dama has been closely tracking for us hey Brooke good morning to you both that's right Brian niichel coming out with this letter it's called back to Starbucks and what he's really looking at here is getting that business back to the core back to the coffee that it's known for in this open letter he said that he's been a longtime customer and since his announcement was made in mid August he has been spending time in stores as well as with employees but he was not shy to immediately jump into the key issues that the coffee chain faces in the open letter he said that there's been inconsistent product that wait times has been too long or the handoff from uh the Barista to the customer has just been too hectic he also said that the company needs to elevate the in store experience they want to move back to that while he didn't say exactly but it really sounds like that third place that founder Howard shelz really envisioned a comfortable place for people to go and grab Starbucks hang out and and do homework essentially uh they said they also want to identify where is a clear place to pick up those mobile orders often analysts have pointed out that it's confusing for consumers when they walk in and they want to grab that Starbucks uh where they should go and if their order is ready or not in addition to that Brian nickel really uh looking to Implement key strategies that were successful at Chipotle when it comes to partner what Starbucks calls its employees relationships really looking to provide career opportunities and a place to grow we know that retention as well as the relationship overall between leadership and its employees has been a bit of a tension point over the past few years and these were awfully similar to what we heard from former three-time founder and CEO Howard Schultz back in May when he said that the issues in the US need to be fixed first there needed to be an overhaul of the current strategy and it need to go back to Coffee forward Innovations of course Brian nickel he's known to introduce throughput he had a dual-sided grill at Chipotle he hinted at investing in technology at Starbucks but when you think about store count from Chipotle Lake to Starbucks this is a much bigger Playbook that he's now in not bump that Brooke look at the end of the day I just want to hear more about the Unicorn frap like you could easily come out and say you know what we're going to lean into like the whole Barb cor ification of drinks that we had seen over the past couple years now and I know that's kind of fading here a little bit and Corp core I think that's the new thing but at the end of the day I want to hear more about where they're expanding Beyond coffee it's good look bring back the Unicorn frap I want to see that I want to see um you know the aners to Starbucks's issue look you easily could have won me over with that I also think that look in other times of the day because you have people spending more time there to study more time there perhaps in the later evenings the afternoon Day part has been something that has been for them but also too when you think about Brian Nichols key his um key Advantage here is that he is a marketer at heart and that's something that Starbucks has thrown all these new instructions the Boba and the energy drinks and the lavender and when I spoke to one analyst they were saying hey were the products good yeah did they Market them well no so people didn't really know about them they weren't really enticed to go we know that this is Brian Nichols strong suit he knows how to get people in the door he's good with lto the limited time offer yeah we'll see how that comes to fruition maybe some unicorn fraps Brook the pal thanks so much appreciate it

Share your thoughts

Related Transcripts

3 key issues Kamala Harris changed her position on

Category: News & Politics

We're going to stick with politics here vice president kamla harris tuesday night reiterating her support for fracking in the ever important swing state of pennsylvania take a listen i will not ban fracking i have not banned fracking as vice president united states and in fact i was the tiebreaking... Read more

US economy will 'keel over' in the next 2 years, strategist warns

Category: News & Politics

[music] wholesale prices rising in august about in line with expectations that's the final inflation data point as the federal reserve gets set to lower interest rates potentially next week the debate on wall street continuing ahead of that meeting with strategist mixed on whether or not the fed would... Read more

Why a 50bps rate cut could 'work against the economy': Economist

Category: News & Politics

The commerce department revising second quarter gdp higher by 2/10 of a percent in today's personal consumption expenditures data showing a half of 1% increase in consumer spending joining us now we've got gus fosche chief economist at pnc financial services group to discuss and gus it's great to have... Read more

Adobe is 'much further along' in AI race than others: Analyst

Category: News & Politics

Adobe sales guidance for its fiscal fourth quarter falling short of the streets estimates and that's overshadowing the company's top and bottom line beats in its latest quarter now looking at losses of just about 10% that disappointing outlook bolstering some anxiety on wall street the software companies... Read more

Trump is serious about stronger tariffs: Wilbur Ross

Category: News & Politics

Welcome to a new episode of yahoo finance's opening bid i'm yahoo finance executive editor brian sazy now let's make some money and and hopefully get a lot smarter and i know we will be able to do all of those things with our very special next guest former secretary of commerce uh mr will baross mr... Read more

Nvidia's Blackwell shipments will be 'fireworks' for stock: Analyst

Category: News & Politics

Investors are questioning whether or not nvidia can keep outperforming its past growth and our next guest is raising some concerns about nvidia's overall valuation here with her take on the latest results is beth kig io fund lead tech analyst and beth look we did have lofty expectations heading into... Read more

What the new iPhone 16 could mean for Apple revenue: Chart

Category: News & Politics

Apple having its much anticipated iphone 16 event today but how much do iphone sales make up apple's total revenue yaho finan say julie hman joins me now with a closer look the short answer is a lot uh apple is still quite uh ryant on that apple iphone revenue it's also a profitable pro uh product and... Read more

CPI shelter index showed 'mysterious' rise: Economist

Category: News & Politics

Let's hone in on the shelter component of august cpi data the index rising half of a percent the bureau of labor statistics attributing it as the main factor in the items that we did see increase joining us now we want to bring in brian rose he's ubs global wealth management senior us economist and... Read more

Why Apple Intelligence will be focus of iPhone event

Category: News & Politics

After the nasdaq composite logged its worst week since june of 2022 here and apple one of the index's heavy hitters is moving to the upside this morning the tech giant will kick off its annual iphone event in copertino california later on this afternoon and so for more on what we can expect from the... Read more

Apple iPhone 16 launch: Key takeaways on AI and new features

Category: News & Politics

[music] apple held their latest event yesterday in copertino where they unveiled a host of new products and features including the iphone 16 the 16 pro the apple watch series 10 the launch of apple's new intelligence features as well but yeah here's the cold water these new products and features are... Read more

Nvidia CFO expects 'several billion dollars in Blackwell revenue' in Q4 #shorts

Category: News & Politics

We executed a change to the blackwell gpu mass to improve production yields blackwell production ramp is scheduled to begin in the fourth quarter and continue into fiscal year 26 in q4 we expect to dip several billion dollars in blackwall revenue Read more

Apple's iPhone 16 is 'the best base iPhone' yet: Analyst

Category: News & Politics

We moving on here apple's product event shining a spotlight on the tech giants latest innovations apple revealing its latest airpods revamp new apple watch models and of course an all new iphone co tim cook pointing to the ai capabilities for the iphone 16 the next generation of iphone has been designed... Read more