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okay first. sorry i've been so out of the loop. promise to start posting regularly again.
At a time when Starbucks is losing business and countering attacks of being "out of touch" with its $4 cups of coffee, the powerhouse coffee shop chain is trying a new approach at three Seattle stores.
It's changing their name, removing their logos, and even serving wine and beer.
The company's newest shop, set to open Friday, will be called 15th Avenue Coffee and Tea. The vibe will be more artsy: there will be live music, poetry readings and alcohol options of wine and beer. But could the new strategy backfire?
R.J. Hottovy, an analyst at investment research firm Morningstar, said, "I think it is a little bit of a risky move, especially if they were to do this on a large scale."
In March, Starbucks CEO Howard Schultz acknowledged the company needed to adjust its approach in a down economy. "This is a time when every business can no longer embrace the status quo, and (must) do everything they can to get as close as possible to the customer."
Starbucks says it may expand the new approach to other cities if it succeeds in Seattle.
So how much will a glass of Chardonnay set you back?