Starbucks welcomes Brian Niccol as CEO, effective Monday, as the coffee giant grapples with declining sales and stock prices. Customers are pulling back, often seeking cheaper alternatives at competitors like Dunkin' and McDonald's. The company is also grappling with its image as a progressive brand, as unionization efforts led by younger baristas have created tension. The surge in mobile orders has overwhelmed stores, frustrating both customers and staff. Sluggish post-pandemic recovery and competition in China have hit the coffee giant hard. Niccol will need to revamp Starbucks' pricing strategy, improve digital order operations, restore its progressive brand image, and address international challenges.
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00:00It's Benzinga, and here's what's on the block.
00:03Starbucks welcomes Brian Nickell as CEO effective Monday as the coffee giant grapples with declining
00:07sales and stock prices.
00:10Customers are pulling back, often seeking cheaper alternatives at competitors like Dunkin
00:13and McDonald's.
00:15The company is also grappling with its image as a progressive brand as unionization efforts
00:19led by younger baristas have created tension.
00:22The surge in mobile orders has overwhelmed stores, frustrating both customers and staff.
00:27Sluggish post-pandemic recovery and competition in China have hit the coffee giant hard.
00:32Nickell will need to revamp Starbucks' pricing strategy, improve digital order operations,
00:36restore its progressive brand image, and address international challenges.
00:40For all things money, visit Benzinga.com.