USA: Starbucks is quietly raising prices
While Starbucks customers were distracted by green cups and pro-Trump activists, the coffee chain quietly raised its prices.
Starbucks recently raised prices on about 10% of its offerings, including cold drinks such as cold brew and certain bakery items,The Street first reported. Starting November 10, prices increased by about 10 to 30 cents on these items at most stores across the US.
The cost of an average order at Starbucks will increase by about 0.5%, the company said.
“We continually evaluate pricing on a product-by-product and market-by-market basis in our stores in order to balance our business needs while continuing to provide value to our loyal customers and to attract new customers,” a Starbucks spokesperson told Business Insider in a statement confirming the price increase.
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In July, Starbucks raised the prices of many beverages by about 1%, an increase of about five to 20 cents. At the time, the chain cited rising labor and rent costs for the price hike.
Starbucks’ sales growth is slowing. Same-store sales at locations open at least a year grew 4% in the fourth quarter, the company reported in early November. While 4% growth is typically seen as a solid figure, it fell short of analysts’ anticipated 4.9% growth and represented a sales slowdown for the chain.
Starbucks has found itself in the middle of a number of political spats in recent weeks.
A week before the presidential election in the US, Starbucks debuted a green cup intended to encourage unity during what CEO Howard Schultz called a “divisive time in our country.” Instead, many customers were critical of the cups. While some people were simply confused about the color, others accused the coffee chain of “political brainwashing.”
Then, last week, Trump supporters launched a movement to get Starbucks baristas to write “Trump” on cups as a way to promote the president-elect and goad those who did not support Trump.
Source: Business Insider
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