Wages for Starbucks staff at US stores will increase by an average of 17% over 18 months | Photo credit: Starbucks 

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Starbucks has unveiled a range of new targets and operational improvements at its 2022 Annual Meeting of Shareholders. By 2030, the Seattle-based coffee chain said it wanted to operate 55,000 stores in more than 100 markets around the world. Currently it operates more than 34,000 stores in 80 countries, indicating that new market entrances look likely in the near-term.
 
The company highlighted that it had returned $25bn to shareholders over the last four years and had recommitted to returning another $20bn by 2025.
 
Starbucks also said it would be increasing wages across its US business, where it is facing a growing union movement, by an average of 17% over 18 months, with starting ranges of $15-$23 per hour by summer 2022 and representing an investment of $1bn.
 
New equipment, including efficient handheld ordering devices, an app-based shift management system and a company programme to provide rides home for staff after dark, will also be introduced to improve staff experience, the chain added.
 
Other announcements include the introduction of Clover Vertica brewing machines at all company-owned stores in the US by 2025, committing $30m to support local communities by 2030 and an expanded goal to positively impact one million women and girls at origin by 2030.
 
Starbucks also highlighted that cold beverages accounted for nearly 70% of its total beverage sales in 2021, with its cold and plant-based categories the fastest growing in the business.
 
“Starbucks has always been a people-focused company guided by our belief that when we invest in our partners, they create the experience that uplifts our customers.  That will not change. Today, demand for Starbucks is strong and growing. And I strongly believe the relationships built over our coffee make our world better,” said Starbucks Board of Directors Chair, Mellody Hobson.
 
In mid-March Starbucks CEO Kevin Johnson announced he would be retiring after 13 years working at the company and being at the helm since 2017. The chain’s former CEO Howard Schultz has stepped back into the business on temporary basis and will focus on setting an innovation framework while coaching and onboarding the next permanent CEO.