History Of Starbucks
Starbucks was named in honor of the first-mate character from Herman Melville’s Moby Dick. The logo also features a twin-tailed Greek siren. In 1971, Starbucks was just a small retailer selling whole bean and ground tea, coffee and spices. They had one store at Seattle’s Pike Place Market. Starbucks started out as a small shop that offered the world’s best fresh-roasted coffees. Moby Dick was the inspiration for the name. It evoked romance and seafaring traditions from the early coffee merchants.
Howard Schultz first entered a Starbucks shop in 1980. Howard joined Starbucks after his first Sumatra cup.
Howard visited Italy in 1983 and was captivated by the Italian coffee bar culture and romance. He saw the Italian Coffeehouse as a place for community and conversation. A place to go between home and the office. He briefly left Starbucks to open his own Il Giornale cafes, but returned to the company in August 1987 with local investors to buy Starbucks.
Starbucks was founded with the intention of being a new kind of business. Starbucks wanted to be a company that celebrated the rich coffee tradition and brought a sense of community.
Their mission statement is to inspire, nurture, and uplift the human spirit. One person, a cup, or a neighbourhood at a given time.
Today, they are fortunate to have millions of customers in every country with the exceptional products that they offer.
Starbucks was first publicly traded on June 26 1992, with a share price of $17. This is adjusted for future stock splits to $0.53. The share price closed the day’s trading at $21.50.
Starbucks was established in Olympia Washington under the Washington State Laws on November 4, 1984.
Starbucks Corporation is listed under the SBUX symbol on NASDAQ.
Schultz expanded the Starbucks coffee chain quickly in 2016, while he was still its Chairman and Chief Executive Officer. Forbes magazine reports that his estimated 2016 worth was 2.9 Billion U.S.$. Starbucks has also seen its revenue grow: in the past decade, Starbucks revenue has nearly tripled. It reached 21.32 Billion U.S. in 2016. Starbucks has continued to expand its business globally. It added about 2 thousand stores during 2016 and ended the year with 25,085 shops. The company has more than half its coffee shops in the United States. Nielsen Scarborough’s spring 2016 survey found that 35.7 million Americans have visited Starbucks in the last 30 day. Starbucks is the world’s largest coffee chain, and it also has the highest revenue. Costa Coffee, a UK-based coffeehouse chain, was the company’s main competitor in 2015. Starbucks was second in value within the quick-service sector, only behind global giant McDonald’s.
Starbucks entered Australia with its wholly owned subsidiaries Starbucks Capital Asset Leasing Company LLC & Starbucks Coffee Company Australia Pty Ltd. Ltd. is a joint enterprise between Markus Hofer’s (Hofer) company and Starbucks Coffee International. Within a few months, Starbucks opened its first company-owned retail store. Starbucks stores tried to replicate the experience its customers have around the globe. Starbucks became a symbol, say analysts, of Americanization, commercialization, and assertive growth in Australia with its aggressive expansion strategy. Starbucks announced on July 8, 2008, that they would close 61 Australian stores within the month. Nick Wailes of University of Sydney’s Strategic Management Department commented that “Starbucks failed truly to understand Australia’s café culture”. Starbucks reported continued losses in Australia in May 2014. As a result, the Withers Group purchased the remaining Starbucks stores.