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Report
Starbucks to shrink menu by 30%
The Street
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1/29/2025
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why Starbucks’ menu is shrinking.
Category
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Sports
Transcript
Display full video transcript
00:00
I'm Conway Giddens reporting from the New York Stock Exchange.
00:02
Here's what we're watching on the street today.
00:05
Tech stocks are in the red this Wednesday for the second time this week.
00:08
The mood, however, could change as several big tech names are due to release quarterly
00:13
results.
00:14
Outside of tech, Kohl's is slashing its corporate workforce by 10 percent.
00:19
The job cuts are part of a turnaround effort that includes plans to shut 27 low-performing
00:25
stores.
00:26
Sticking with retail turnaround plans, Starbucks is making some changes under new CEO Brian
00:32
Nickel, which it hopes will bring back some deserted customers.
00:37
At the top of the list, slimming down its menu.
00:40
Nickel told investors that the menu is going to get about 30 percent smaller.
00:44
The downsize will impact both food and drinks.
00:47
In addition to fewer menu items, Starbucks is investing $2.5 billion in a system aimed
00:53
at helping baristas take fewer steps to make each drink.
00:57
According to Starbucks, the new system will include, quote, a custom ice dispenser, milk
01:02
dispensing system, and new faster blenders, all located within reach of a barista.
01:09
Forty percent of Starbucks locations are expected to have that new system in place by 2026.
01:14
And those aren't the only changes.
01:17
Starbucks is bringing back the beloved condiment bar, which it ditched during pandemic times
01:22
for reasons we can all understand.
01:24
But now, with health concerns less of an issue, the milk, creamers, sugars, and spices we
01:29
back at customers' reach.
01:32
There's also a new code of conduct which could impact Starbucks' long-held image as a place
01:36
to sit back, sip, and chill.
01:40
That image, however, has not been translating to more business at the cash register lately.
01:45
Sales at Starbucks have been down for four straight quarters.
01:49
That's a losing streak.
01:50
Starbucks hopes to stop with all the changes.
01:53
That'll do it for your daily briefing from the New York Stock Exchange.
01:56
I'm Conway Gittens with The Street.
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