Starbucks plans to test Cold Pressed Espresso in some cafes by the end of the year, as consumers increasingly stick to soft drinks for their caffeine boost.
The drink was already available in Starbucks’ luxury reservation rooms. Cold drinks, favored by younger customers, have played a crucial role in the sales of the same store over the past few years. In the past three years, consumers have spent more than $ 1 billion on Starbucks soft drinks.
“More than 50% of the liquor we sell at Starbucks is cold,” CEO Kevin Johnson told CNN’s Kate Rogers on Wednesday.
Johnson predicted that after the pandemic subsided, consumers would seek more social interaction, which would bring them back to Starbucks cafes to buy soft drinks. But they will probably also continue to use driveways or mobile orders to pick up their coffee.
The company is also poised to open one of its first sustainable grid plants in China next year. With $ 150 million earmarked for it, the project is the largest investment outside the United States and the first in Asia.
“It’s this one thing we do to not only reduce our carbon footprint, ultimately to get net zero, but ultimately store more carbon than we emit,” Johnson said. “This is our long-term agenda and we are committed to it.”
Shares of Starbucks have risen 86% over the past year, giving a market value of $ 129 billion. While the pandemic’s sales have faltered, the recovery in the US and China is taking place faster than expected. In the next quarter, Starbucks forecasts growth in U.S. sales of the same stores from 5% to 10%, and sales of Chinese stores in the same store are expected to nearly double.