Starbucks is to rein in plans to open more than 1,000 highbrow coffee shops around the world as its new chief executive unwinds some of his predecessor’s initiatives.
Kevin Johnson said the group would test between six and ten Starbucks Reserve shops before deciding whether to open more.
Starbucks, which is valued at $79bn, is the world’s largest coffee house chain. It has nearly 29,000 shops, of which about 14,500 are in the United States and 1,000 are in Britain. It had planned to quickly expand its Reserve brand to offset declining customer visits and to compete in the growing market for gourmet coffee.
