New CEO Brian Niccol pledges to simplify ‘overly complex’ menu and return to its coffee house roots
Ceramic mugs, the return of cups labelled by Sharpie pen and a menu price freeze were among plans detailed by Starbucks’ new chief executive on Wednesday as he attempts to stem a sharp decline in customer traffic. Brian Niccol outlined the changes in his inaugural call with Wall Street analysts after his arrival last month at the world’s largest coffee chain, which has suffered a dismal year marked by contracting sales.
The change, which will apply to company-owned stores, will lower prices by more than 10 per cent for patrons who ask for non-dairy alternatives such as soy milk, oat milk or almond milk in their beverages. Niccol was hired away from restaurant chain Chipotle Mexican Grill to revive Starbucks’ fortunes. Investors have pinned hopes on his leadership, sending the coffee chain’s shares up more than 25 per cent since his appointment was announced in mid-August.
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