Part 2/13:
Starbucks, once the quintessential symbol of American coffee culture, is currently facing a steep decline. The company’s profits have plummeted by 50%, accompanied by six consecutive quarters of losses. In a bid to stem the bleeding, Starbucks has announced significant store closures and layoffs, including 900 corporate staff members, following earlier layoffs in February. Customers are increasingly dissatisfied, citing high prices, long queues, and subpar product quality. Even iconic offerings like the Pumpkin Spice Latte are losing their appeal, allowing rivals to capitalize on the opportunity with notable success. But how did a brand that once seemed unstoppable stumble so badly? The story is one of transformation, missteps, and shifting consumer behaviors.