Brian Niccol ordered his deputies to quietly reduce the plethora of discounts that were introduced to lure back inflation-weary customers.
Starbucks ’ new boss is putting his stamp on the company by cutting back on discounts and promotions — forcing coffee lovers to pay full price for their drinks.
Last month, Starbucks rolled out an offer for extra loyalty points on Tuesdays and deals on several drink purchases on Saturdays.Starbucks was responding to similar value meals introduced by fast food giants such as McDonald’s and Taco Bell. Prior to Niccol’s hiring as CEO, Starbucks’ previous management led by then-boss Laxman Narasimhan introduced the promotions after the company reported disappointing sales results in its quarterly earnings report.Starbucks’ revenue fell 1% in the April-June period as customer traffic weakened in the US and China. The company is due to report earnings for the most recent quarter in early November.
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