When Howard Schultz returned as Starbucks' (Nasdaq: SBUX) CEO in 2008, he was determined to reverse the company's image of excess. At one time, the old joke in The Onion about the Starbucks that opened a new Starbucks in its restroom didn't seem so far-fetched.
But even now, the Seattle coffee giant isn't missing a good opportunity to grow where it sees one. Just last week, a new store opened on the floor of the New York Stock Exchange, and now the company is selling its java in South Africa -- just in time for the World Cup.
Insert your own jokes here about how hyperactive floor traders at the NYSE and rowdy soccer fans might not mix so well with an extra jolt of caffeine. Still, it's hard to argue with what looks like a focused strategy to expand the business and capitalize on hot opportunities, as opposed to the seemingly indiscriminate approach of opening a new store on every street corner. Schultz, in fact, has overseen the closure of hundreds of Starbucks stores, a big shift from the era when the company was (at one point) opening a breathtaking seven new outlets per day.
Schultz, of course, is also focusing on new ways to grow the business besides store counts. The Via family of instant coffees is making a big move into retail outlets beyond Starbucks locations, and the company is ramping up its Seattle's Best brand to reach out to the average Joe who likes, well, a less floofy cup of joe.
What do you think about Starbucks' latest push? Is Schultz doing a good job trying to right the Starbucks ship? Let us know in the comments box below.
