Why Starbucks Operates Like a Bank | WSJ The Economics Of
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- เผยแพร่เมื่อ 23 เม.ย. 2024
- Starbucks, the $124.4 billion global coffee giant, trails only McDonald’s as the largest restaurant chain by market capitalization. Until a few years ago, the massive coffee company held more mobile payment users than Apple Pay. But what actually makes Starbucks excel in a crowded market?
WSJ’s Heather Haddon explains how Starbucks used technology to build its loyal customer base and why mobile orders are shifting the chain’s business priorities.
0:00 Starbucks operates like a bank
0:52 Starbucks’s history and menu
2:59 Starbucks’s technology
4:16 Store models
4:49 Culture and values
The Economics Of
How do the world's most successful companies generate revenue? In this explainer series, we'll dive into the surprising stories behind how businesses work--exploring everything from Costco's "treasure-hunt" model to the economics behind Amazon's AWS.
#Starbucks #Coffee #WSJ
I was expecting more analysis on how the Starbucks is operating like a bank, all I learned is they have lots of cash.
But they did tell you just like a bank Starbucks uses the money you've deposited(on cards) for their investments. And just like a bank if every Starbuck's card holder was to try to use up all of their deposited money Starbucks might not be able to cover it.
And threw in a little anti-union stuff, typical of WSJ.
Companies like Starbucks and Amazon can't say why they want a "direct relationship with employees" or how unions will hurt that but they know that it's bad.
@@kobiecamp1134 How?? People might panic, and there might be a run on ventis?
@@shelbynamels973 I don't understand your question.
Yeah right? I wasn't interested in the history and ideology of startbucks but to better understand their 'economics'
The video makes only ONE economics point: Starbucks's card program allows them access to a lot of funds, more than some banks. That's it. The rest is just reporting around their performance in the pandemic and against unions. Sheesh don't call this economics.
Supply/Demand and capital acquisition. ..capital deployment seems to be on design and location of stores...the stakeholders' model seems to be in line with current business practices. ..shareholders still are key
Starbucks has a credit card. What does THAT mean?
PolyMatter has a better video on Starbuck's card program
Right? It's like 90% of the video talked about Starbucks' history, performance, and popularity. 10% explained that they have 'funds' in their card program. It didn't even explain how they operate similar to a bank (i.e. do they invest the money, lend it, etc). How is this the "economics of Starbucks"
I know. This is lazy
POV: you’re a Starbucks barista watching thinking about all the times you’ve encouraged and helped customers setup the mobile app yet you still don’t get paid enough: 👁💧👄💧👁
Ikr. When I worked there, I was so hungry because I was being paid so little and they were making it so hard to get hours, to get tips, etc while they made us throw away food that wasn't even expired.
Omg trueeeee 😭😭 even extra shift doesn’t help with my salary
@@AlexMint but at least they were calling you partners instead of baristas (sarcastic) 🤓
@@ultimatedeatrix9149 I know you're being sarcastic, but they unironically did try to treat the title as actual respect when making us do demeaning nonsense like go "I love you" to people in the drive thru.
I always chuckle when someone calls ESpresso "EXpresso". 😂
Old 🤡
@Sam Zurick Relax
@Sam Zurick Si chiama davvero "expresso" in Italia?!? Non ne ho mai sentito parlare. Normalmente, tutti gli Italiani che conosco dicono semplicemente "caffé". Sei sicuro di aver sentito bene?
@@mg4361 Sì, è "caffè" o "caffè espresso". "Espresso?" Mmm, no. Per ordinare, dici "un caffè [espresso], per favore". Semplice!
So true 😂
I love how companies try to make it sound like it’s a strategic advantage that they don’t call their workers “employees” but some other name. In all the service jobs I’ve had companies do this. I’ve heard team members, all-stars, client advocates, etc. Maybe if Starbucks realized that this is not an effective strategy to make their employees feel heard they wouldn’t want to unionize… 😂 (Obviously there are many other factors that go into the unionization decision)
Yea it’s getting ridiculous these days, job ads are so murky (even here in Australia) “point of sale associates”, etc. Call a spade a spade and a cashier a cashier. Also exactly as you said, it’s just empty talk, if you truly value your employee dig into your profits and pay them a bit more.
i hope every starbucks store get unionized- the customers are literally some of the worst people on the planet making a tantrum over a $5 sugar drink.
I agree but I also think that those who join unions either have to return their shares to Starbucks or not be given shares from the company.
yes, here in india we are called Senior Process Associate. Some of us feel real pride in it😂
I love how Disneyland calls its employees as "Cast Members." Sounds so posh and magical lol
I still remember when Starbucks first entered the Philippines late 1990s, people were going into that place not because we are coffee lovers or appreciate the coffee tasting notes, but because of the ambience and feel of the place. Hotel amber lighting, Jazz music on the background, Aroma of coffee in the air, Sounds of blender, steaming, people talking and voice of barista. It's just a pleasant feeling of relaxation that stood out from what other places are offering which is quick ready to go store.
Another thing is that they didnt have a problem with people just buying one drink and making it their home for the day. Until today they have not offered a wifi unlike other stores but it didnt affect them in a negative way.
It's called cafe, which have the ideal vibe of a cafe
They also entered in an ideal situation because the ad agency of Nescafe - then and now the one with the biggest market share for instant coffee in our country - was pushing for a more... horizontal growth in their client.
I remember them explaining to us then-ad students that the idea was to expand the role of coffee in the Philippines beyond just something you drink hot and during breakfast and merienda.
The idea was to increase sales within their existing market share by increasing consumption. I think that's what inspired the Frappe: Nescafe coffee on ice.
Add to the ambience, the FEEL, of Starbucks branches that you describe, and the fact they had a lead time over other future competitors... boom.
I actually saved the container of the very first Starbucks I bought :D It was a Frap, iirc. Sadly, my lola threw it away because it was "basura". I'm sure you're familiar with that :D
Funny I went to a Starbucks in Subic Bay today
Yeah, the Starbucks experience of the 90’s was an ENTIRE vibe❣️
True
The bank that also serves coffee
Yes
@@saeedbasabain4188 I love coffee ☕and money💵 🤑🤑
For me, Starbucks history is divided into pre-cell phone and post-cell phone periods. And it has nothing to do with app ordering or loyalty rewards. Pre-cell phone, the shops were quiet almost library like places to read a book or newspaper. Maybe a quiet conversation with a friend. But post-cell phone, they almost turned into telemarketers boiler rooms. People would set up camp with laptops, phones and printers to do business on the free WiFi most of the day. Then came app orders, now you can walk in and although there may only be 2 people ahead of you, the "partners" are working on 20 app orders ahead of those of us standing in front of them. Odd that those who took the time to actually show up in the store, wait for people who are still out on the streets somewhere. Needless to say that even though I lived in Seattle, was a Starbucks fan in the beginning and lived in Seattle when they took over the old Sears building for the their headquarters, I no longer enjoy the place. Customer experience has nothing to do with their business model anymore. The drinks mas as well come out of a nozzle in a vending machine now.
This is funny because stores didn't exist in most of the USA before cell phones. 90% of American's have no idea what before times were like. I certainly don't.
@@evarlast what???
I used to go to the Starbucks next to my apartment in 2016-2017. I was no longer a cafe customer in 2018 and they lost my business entirely the following year as their product is mediocre at best. I thought I was imagining this experience but it's nice to know I am not alone
@@lavidawithjoey the espresso is mediocre but ask for filter coffee or buy the grounds from them and make it yourself. They still provide good coffee but it's not on the menu
@@evarlast The company just turned 50 recently so uh no
as a shift manager at starbucks, the hardest part of the job just like a lot of peoples is the customers. before working at starbucks, I always worked in the restaurant industry. I will say starbucks customers are by far the rudest, I swear they do not understand basic manners. It makes the job so difficult
They made the menu very difficult and people don’t want to look cheap. So they are rude they don’t want anyone to know that they are broke.
Caffeine.
@@xabysebastian529 Dunkin’ Donuts.
@@abdullahbadr6158 That doesn't make sense. As soon as a person is rude, they appear poor even in their armani suits.
@@ultimatedeatrix9149 it is a defense mechanism. Its their body reaction they can’t control it.
I loved working for Starbucks because I felt valued and the discounts (and free beans!) were enviable. But perhaps this is because my manager was great at her job and always made us feel irreplaceable.
As someone who spent 5 years with Starbucks and even worked at the Roastery they show in a couple clips, I can't really relate 😬😬
Yeahhh definitely also depends with the manager of the store…
@@RainbowJesusChavez in every company, it always depend with your direct manager. Even if the company is so good but your team lead is so-so, that makes the experience different.
I challenge those who only go to Starbucks. To try an independent coffee house. The quality of coffee most of the time is way superior to Starbucks. And the product and service is much more organic.
All perspective 🤡
@@AngelValdovinos hence the challenge of getting out & shopping locally... get a new perceptive
@@AngelValdovinos - Are you one of those? 🤡
You can find a independent burger place that will be better than McD, and it’s nice to go to those indie places as a treat. But most of the time if you just need a quick fix, you will likely walk into the chain that you know has the all round decent and consistent flavour you can expect every time and importantly lines every street corner so you don’t have to do a huge research session beforehand. People just want a consistent product they come to expect behind X brand, this applies to any item - cars, clothing, food, drinks, tech, appliances, pretty much any product. This is the basis behind brands.
@@User-cb4jm - Burgers are one thing. But, as far as coffee is concerned. Starbucks charges a premium price vs McDonald's that has much more competitive pricing to its counterparts. Starbucks does/has served me well by being part of their rewards program. I use it for their free refills and sometimes set up camp (free Wi-Fi/workspace) all day. Which is much cheaper than renting shared office space. And international travel with Starbucks goes hand in hand. Sometimes, it's just thing that is the most accessible. I do find Starbucks good for that. But, other than that it's totally worth the research for the indies because it's not that cookie cutter experience you get with Starbucks most of the time. Although, there are some Starbucks around the world that are worth visiting for its uniqueness in menu and setups.
As an Uber eats driver I love Starbucks so much!! They treat us with respect and always has the order ready! Great management
Starbucks is amazing. Friendly people. Thank you for being an Uber Driver. I appreciate what uber drivers do for us.
@@darkshadow955 thanks :) means a lot
Wow you can get Coffee delivered to your home in America ?!
@@Bertuzz84 in India as well. What's the surprise here
The brilliant thing about the gift cards is that Starbucks is basically getting billions in loans with pretty much zero interest (yes, it has to provide you with a free drink every so often but that's negligible and lots of those points expire anyway). It gets to use that cash basically however it wants to and not have to pay interest to its creditors.
Good point. Lending 2 billion out would get approx 40 million per year before tax at a 2% rate. That should be enough to cover the 'Executive Fund'.
Same thing when you buy something that you never use and eventually return it. It's like the shops are pawning their goods for cash lol Some shops even allow one year return policy.
Though, it's harder for the companies to invest the money than they do with regular loan, since they can't control when you are going to demand your money back.
Good point.
I recently left Starbucks after working there for 2 and a half years. This pandemic has been going on for 3 years now, and working there really taught me: 1) that customers really do not care about us (ppl would come with covid through the drivethru), and 2) this company also does not care enough about its partners as they say they do. I understand why the Buffalo partners unionized, they were most likely fed up with the way the company handled things.
I’m about to leave as well if the alleged $15 an hour doesn’t hit my city, customers come in sick with Covid thinking the medicine ball will help them (plot twist it doesn’t help at all). The pay is terrible for the amount of entitlement and stupidity that we put up with, we actually have to let these idiots walk all over us because the rules we have to follow it’s ridiculous.
The general public in the US is the most entitled and arrogant group of people you'll ever deal with.
Liberal company.
We do care. Someone does. I’ve seen people show they do. Driving thru with covid is reckless
Did you guys get 2x the pay for working during the pandemic? I saw that Starbucks made a ton of money while others lost a lot, so I was wondering.
My bank had free coffee. I don’t know why they put a chain around their pens though.
It’s not about the money. It’s about the inconvenience of constantly replacing pens that people accidentally pocket.
which place?
@@locogreen915 until they realized that pens can be a promotional product. Now my bank puts them out where the deposit slips are, and I pick one up on the (few) occasions I have to visit a branch.
I remember when they first added this feature on the app, i knew right away they will bank and use this money to expand, while creating the illusion of convinience to customers
.... And we all love illusions......
What do you mean by "illusion of convenience"? It IS convenient, there's no illusion. It's not their fault people like me aren't using our gift cards. Someone already paid for the gift card and Starbucks has the money sitting there. There's no sense in hoarding the money waiting for people to use their gift cards.
@@ricseeds4835 sb is a company listed on the stock exchange, its job is to make money for the share holders… since the launch of this feature look at the share price go up… i understand what you are saying about convenience, but you have to look beyond that… look at it beyond the customers eye… the coffee is not worth the price we pay, every one knows that deep down inside, but its a lifestyle brand now, they capitalise on that mindset, they have a strong share of the coffee market, and they know their customers well, they can shovel them s*** and they would still buy it…
Need a follow up video on how and what they do with the card cash 🤗
It is considered unearned revenue, so it is a liability for the company, basically meaning that they owe future products/services. Companies have calculations (based on accounting rules) to determine how and when they can classify unearned revenue like gift cards as regular revenue when it still hasn't been redeemed, but either way, it comes in as cash, so they just use it as cash. It is an interest-free loan from customers that they will never have to fully pay back just due to the nature of gift cards. Companies use it like any other cash, but they have to be prepared to provide some products/services when the gift cards are redeemed, so this means there will be expenses but no new cash to pay them when that time comes. It's all approximated out using percentages and past redemption rates and trends, so that the company can plan how much cash to keep around and when.
Follow up on that: There are certain processes in which companies use to determine the likelihood that gift cards will not be redeemed and then after a certain period when it is very unlikely they will be redeemed, it will become revenue. Quite a process!
There are lots of interesting options (real estate, stocks, gold, silver, cryptocurrency, Airbnb, ETFS)
Forex/stock is the best investment anyone could get into. As it could make you rich in a blink of an eye.
@Jocelyn Maria
Please how do i get in touch with Mrs Galia Benartzi .I would love to trade with her.
Let's be honest, we all love the "Economics of" series, don't we?
Reminds me of PolyMatter
Love how they say it’s a “issue” when it comes to union lol
Anything which decrease their profit is a "issue" which includes welfare of employees. Modern slavery and here we are, poor souls who thinks that we are in control of our lives. Lol
I would like to formally thank Starbucks for keeping me alive with free waters while I was hoboing all over the country, you guys were always in the most savvy places and it was sometimes the only nutrition I had all day. #3 is timeless!! It was only once that I was chagrined for it. Your host/esses were always pleasant, a belated thanks is in order for yas.
Schultz was the FORMER marketing director when he bought Starbucks. He had left the company to start a different chain, because the founders wouldn't let him take the stores in the directions he ultimately did after they left.
And they went on to take over Peets.
Im growing up coffee n bagel from local vendors, store fronts or bakery in NYC here. I though all those multi-nationals have some worst coffee, either from Dunkin Donuts or Starbusks to McD! I have their burgers and donuts though!
"we're better as partners without a union between us" - translated this means "we prefer handling employees on a one-on-one basis where we have all the leverage and they have none."
Starbucks employees have many benefits. What else would they want
@@ling636 don't be so d**b
@@ling636 I've never heard any Starbucks employee gush about their benefits. Even if they did have great benefits, it does not change the fact that Starbucks (or any other corporation) discourages unionization because it gives the employees more leverage. So, their letter comes across as insincere and hollow.
@@ling636 better pay
Exactly, just typical corporate speak against unionisation. It’s not in their financial interest plain and simple but I agree the cheesy love letter is a ridiculous ruse.
2:10 Expresso
Mesej yang jelas, struktur yang jelas, mudah difahami, terima kasih
more of these series pleaseeee
I had to replay the part when the narrator says “expresso” quite a few times
But that's the accepted way of saying it regardless of rather it's right or wrong.
I think the values of Starbucks did play a key role in its rapid expansion worldwide; otherwise, it would be inexplicable. Since I'm located in China, I looked up Starbucks' Chinese website. Mentioning its interest in recruitment, Starbucks used the Chinese translation of "partners." So I think its values' impact was made on many places in the world, which is a good thing. Yet I'm dismayed by Starbucks' idea of not welcoming unionization. The partnership does put employees in a better position, but their voices are stronger and their demands could be more easily met if they unionize. Why wouldn't Starbucks like the idea that would help its partners attain a better workplace they desire? And I think the direct connection with its baristas would not be undermined but be strengthened, as more conversations are thereby generated than otherwise.
Excellent work
very informative! 😄
Weird how in the US it's such a big problem when workers into unions. As though there is some principal reason against that. Other than, obviously, that companies can strong arm non-unionised workers better.
In Latinamerica, Unions are perceived poorly because many times they make absurd demands and protect those not doing proper work... With the addition of Union Leaders not performing any actual work at all
Maybe SB is concerned the union might strong arm them. Narrowing profit margins, making it more difficult to provide better employee pay/benefits and continue expanding. 2 SB on urban corners might not be enough in their view, aiming for 3 on every corner where there is already 2.
Even mentioning the whole "partners" thing in Starbucks is a bit messed up because Starbucks has repeatedly jerked workers around regarding stock disbursement, changing dates, making it harder and harder to claim to the point where they can just schedule you low for a few weeks out of the year and claim you're not working 20h/week based on it to deny. They actually do this a lot with benefits.
Also they've never listened to workers who had concerns, such as how Starbucks kept pay low while making it harder and harder to receive tips as with most coffee shops, that accept credit card tips and not just the increasingly scarce cash. When I worked there, most of my coworkers were seriously malnourished because they were that poor. And when the new manager at my place of work was homophobic as heck, they supported her over the workers.
We need more such informative content in the world of fake and nonsense reels. Short, crisp and eye opening facts. Good job WSJ!! Looking forward for more
This is more than a business. It's a generation tour from old times to the modern day. King of coffee 🧡
Kopi Luwak is the world's most exclusive (and most expensive) coffee. The main factor of its high price is the uncommon method of production. It is produced from coffee beans which have been partially digested by the Indonesian palm civet and then excreted. 1:23 [Kaya Kopi]
Honestly, that whole ideology of calling an employee something other than an “employee” is bogus to me. People don’t get these minimum wage jobs thinking that they’re part of a bigger picture or to make some life changing career out of it (with the exception of a few who do) so what difference does it make to call your workers partners, co-workers, associates etc. ?
Gift cards are an (interest-free) loan to companies. Smart move, because Starbucks gets an instant money flow and consumers are bound to the company as the loan is repaid in coffee.
A fast food joint recently did a promotion to buy a gift card up to $500 and get 10% off the final price. Since I already eat there all the time, and never had any problems with the staff or food, I compared it to a small savings account with 10% interest, which is way better than anything else out there right now. But - what if I lost the gift card? Accidentally threw it away? Gave it to a friend that stuck it in their wallet with a dozen other gift cards? There are so many variables where the money ends up just sitting in the company for a decade.
Great video!
When someone buys a Starbucks Gift card Starbucks doesn't recognize the revenue. They can use the cash but it's recognized as unearned revenue and its a liability. When someone eventually uses the card, then starbucks can recognize the revenue. Either way they have a lot of cash flow to use for daily operations.
Like everybody in corporate America, Starbucks Corporate says that they focus on charitable/positive values which in turn is expected to improve customer service. They have not done a good job filtering this down through middle management to the retail/customer level. I don't feel this at the customer level at all. If they have a nice employee, I think that that is because that is just a positive person, not because of anything corporate has done systematically.
Interestingly, Starbucks has flopped in Australia. We have a very strong cafe coffee culture here and most people flocked to SB's when they first opened to see what all the fuss was about, but there reality is that the coffee is definitely subpar. When even the most basic take-away is made with decent coffee and a proper machine, it's hard to then switch to lower quality, watery coffee.
I find McDonalds coffee to have more flavor at half the price, but MCD does not have that mystic
really interesting
The fact that the narrator said “expresso” instead of espresso makes me wonder if anything in this video is accurate
This video felt like my college presentations where I did no analysis on the real topic and started talking about the history geography of it. 😄
Interesting video! One thing though: In a video about Starbucks, you really can't pronounce it "expresso", it's espresso. You did say it correct the first time, but at 2:10...
I won't find peace until I find out why they didn't re-record this.
Nice jobs,thanks share
Great video
Starbucks is ok. In a large mall where I live. Starbucks is always busy but it’s because of reputation not because of quality. I have had better coffee at a Nordstrom E Caffe and a Coffee Bean in the same mall. There was a local cafe in that same mall that used to sell really good peanut butter frappes (unfortunately the quality fell as time went on, it’s really hard to find good employees. It was a small independent cafe so I doubt they can afford to pay a lot of money to the workers. They were open every day and even before the pandemic they would have times they were completely empty. It’s so hard running a business. I can only imagine how hard the pandemic. I am unsure if they still survived the pandemic).
But the best barista I have seen wasn’t even in the US. A Japanese barista in Kobe was a complete boss. When he mad my brothers nitro coffee, it was in a tall glass cup and it looked like a piece of art. I had a nitro coffee at a Starbucks in Hawaii and not only was it warm, it tasted bad, and it looked like a bad fast food drink.
The silliest thing SB says is that they are committed to a relationship with baristas, yet they have to send execs. To special “listening” meetings to “understand” workers “concerns?” What hogwash; If you were committed to a relationship and you should be listening all the time, and acting accordingly. The truth is the only way they will listen is if they are confronted with actual power, so good work Starbucks union! Not sure what they fear so much; If Starbucks managers truly are looking for a partnership they should not be afraid of the conversations that will come via union representation- The union simply allows partners who work for a living to have an efficient voice and presence at the negotiating table. If you are coming in good faith, and truly standing in the core values, then that should not be a problem.
They are committed to a relationship with baristas where the baristas remain at-will employees with few protections and no avenue for grievance.
Preach
Or how they claim they want a relationship, but actively support managers when employees have complaints about one being a homophobic POS. And they refuse to implement credit card tipping like literally any other coffee shop. And their workers are so hungry and all that stuff.
With the trade off being a) part of your dues pays for the unions b) unions too can be corrupt and just as inefficient.
Unions probably had more of a demand when factories were literally working their employees to death however I don't see much benefit in this case to be honest.
Also, most of the employees are typically young and will likely move onto other careers.
@@c7lee Even if Starbucks workers are likely to move on, career baristas do exist and shouldn't be shamed, and Starbucks absolutely has its share of worker rights nightmares including massive underpay.
Very good 👍
Technology and coffee ☕️ have a strong relationship
I’ve loaded up whenever Starbucks offer a promotion (25-50%) of adding funds to the Starbucks card even though I don’t drink it much (usually on vacations).
I had no idea the offer a promotions for loading up? Where do they announce that? Thanks!
When do they have these offers
@@userkr5479 on the app there usually is an offer at least 1-2 times a week
@@carinag4635 Thank you!
@@userkr5479 no problem! i hope you figured out before i replied a year after you asked though LOL
I love Starbucks as a brand, I love the quality of coffee you get at Starbucks, I love quality of customer service at Starbucks, but I cannot get behind them and invest because of their awful balance sheet.
They have something like 20-30 billion is cash but they have around 110-120 billion in debt.
Costa Coffee is better then starbucks in terms of coffee however, Starbucks is doing better financially then Costa
@@yasd676 taste of coffee is subjective but Starbucks is a massive international icon on the scale of KFC, of course it will have greater cash movements.
Thanks for highlighting the fact that they have a lot of debt. The following yahoo finance link says that in late 2020, the net debt was $12 Billion (against assets of nearly $30 billion). Has the debt increased or Am I missing some thing?
And not their awful business practices including treating their workers like garbage?
You love the quality? Lol u should try more. After I roast my own coffee, I don’t not go to Starbucks at all.
Although I haven't ever been to a Starbucks (with the exception of restroom usage when searching a place to deposit the check), I recently consumed protein shake with Pumpkin Spice Latte cream. It was so good! Yum! Way tastier than coffee and tea combined!
Surprisingly, Polymatter TH-cam channel was also published a similar video about Starbucks being more of Bank in Jan 26, 2021.
Wall Street Journal: Did you reporter really just say 'eXpresso' in that video??? 🙄
Give them a break, geez.
KEEP UNIONIZING STARBUCKS PARTNERS!!!
Love ❤ that double espresso ☕️
Very nice
A Seattle location, and Cleveland,Ohio, W. 6th Street Starbucks are trying to Unionize.
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#ライブ配信の再編ありがとうです！#この日のライブ配信は、#かならりやばかったですね！１#万人を超える人が見ていたもんね（笑）#やっぱり人参最高！#まさかのカメラ切り忘れでやら1かしたのもドキドキでした！#今後は気を付けないとね5). .
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Should've explored more on what Starbucks did to fight the unionization effort.
So how exactly does the accounting look like? What’s their debit and credit? This video was informative for marketing but not for finance
Interesting!
After watching a couple of these WSJ videos, I'm thoroughly side-eyeing WSJ. Their "Economics Of" videos play like largely hollow puff pieces devoted to talking up big business behind a flimsy pretext of "educating."
IMO Starbucks customer service and customer relationship has declined significantly in recent years. I blame this largely on the expansion of the coffee alternative beverages. I think Starbucks is trying to appeal to anyone and everyone now, and have consequently lost a lot of their original coffee lover customer base. It's unfortunate.
Loving this “WSJ The Economics Of...” Series ☕️ #PSL
Nice video.
I’d love to know why gift cards are more prevalent at Starbucks than other places.
I’d assume it’s because it’s more premium feeling to get a $10 Starbucks card than say a $10 Wendy’s card.
Likely due to target audience and habit. So Starbucks audience is more affluent, they can afford to pay upfront amount as value store. Habit is pple ritually goes to Starbucks daily.
No one wanna eat at Wendy’s daily.
@tamcheehong yep. Everyone gives out gift cards at work and giveaways and many people will continue adding to them.
I think it’s because, before scan and pay, you needed a gift-card to start using the mobile app/to start collecting stars.
I, for one collect the cards. So I always buy the card for a minimum of $6 in our country. They also have the point system. You can connect your card with the mobile app. So either buy with card or app is the same, you will both earn points for free drink or cake. That’s how they hook their buyers. You can connect an unlimited number of cards with the app.
Polymatter already made this video
do they need to acquire E-wallet license by having this card feature?
I wish Wendover Productions did a video on Starbucks, I'm just used to their TH-cam channel format.
I love starbucks dividend growth and all. However it's only fair to pay workers atleast the bare minimum to get by. Not support a family though. I hate when people complain about their 15 dollar minimum wage as if it's too much to pay them. Yet I'd like to see those same people do that job for that pay and not quit.
Dont go to starbucks then. Go to some coffee place run by Antifa
@@johnnydn6788 Nothing I can do to make any real impact. Just sharing my opinion. I'm no fan of any political organization. Especially one that causes harm.
FYI, there are too much psychology-major students or graduates working at Starbucks that it is practically a psychology ward.
I know a man who only goes into Starbucks during slow hours only discuss about his problems with the barrista.
Starbucks ‘baristas’ are not real baristas
When is the economics of TSMC coming out?
The backsound music reminds me of The Devil Wears Prada,and I knew Starbucks from that movie 😂
I go to Starbucks about once a year lol
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Thanks for letting us know Daniel.
At once a year you go a lot more often than me.
Interesting until the end when you spent twice as long reinforcing Starbucks' line against unions as you did with the "partner" workers' pro-union stance, quoted Starbucks' PR statement, and didn't include a single statement or quote from the the workers directly.
Muy bueno
They always push for drive thru times under 50 seconds so "connecting" becomes much harder. Its fast food in my opinion.
r/starbucks for the truth.
Shame that they never worked out how to make a good coffee yet.
It was a long time ago that definitely these people are really good what they do
"We are better together as partners, without a union between us". If I had a penny for every time I heard that from a corporation...
"without a Union between us..."
Lol isn't the 'partners' working with the managers and managers working along with cooperate basically a _Union_ , of sorts already??
Jesus.
It’s just fluffed up corporate speak. It’s not in their financial interest and will be a thorn in their side but they market it into a love letter.
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A lot of people don't know this. Starbucks actually had outlets that became unionized back in the 90's (I believe). And they are an intriguing case study where staff turned away from the union and the stores became "de-uniionized".
Very interesting, and you would think staff would prefer a union.
@@kobiecamp1134 You'd think and that is an impression that is created. In the case of Starbucks where many of their staff are actually students. You may find that many of them (rightly) don't see an advantage to paying union dues. The union collects the dues but finds that because many (if not most) of the staff are transitory they don't have to worry about long term collective bargaining. That may have a lot to do with why in this case the whole thing eventually implodes. But I could be wrong.
@@markplain2555 Thanks for your insight.
The original store mentioned is actually not correct. SBs first store was nearby but was leveled to construct another building. So, this 'original' Starbucks is actually store #2. I shake my head & roll my eyes when I pass by & see tourists line up outside for a cup of coffee or cheesy souvenir.
I simply like Starbucks thick coffee and go there from time to time. But I didn't know my Starbucks card had a big role like that. The IT and operation system of Starbucks are good enough, better than any other coffee business company. How splendid they are!
They’re RIPPING you OFF….LEFT and RIGHT!!!
Somwthing that always bothered me in starbucks is that, if you don’t know the menu, the employees will look at you impatient because you are "wasting their time". I get intimidated and never order what I trule want. Honestly if they weren’t that rude and could explain at least for a second what only one drink contains, my experience would be better.
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Good to see that they are better at finance than they are at making coffee!!
Never visited Starbucks nor do I intend to do so as I do not drink coffee. The question is why consumers agree to be ripped off by being served expensive coffee beats my imagination.
Reading about people grabbing multi-figures monthly as income in investments even in this crazy days in the market,any pointers on how to make substantial progress in earnings?would be appreciated...
Reading about people grabbing multi-figures monthly as income in investments even in this crazy days in the market,any pointers on how to make substantial progress in earnings?would be appreciated...
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Ah some more anti-union rhetoric. You always know when a union is setup to really help employees because the company involved doesn't want the union and gives some talking points to the WSJ
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------💋 AMATEURGIRLS.WEBSITE 💋
🇳 🇦 🇰 🇪 🇩 🇬 🇮 🇷 🇱 🇸 👆
THREE IN ONE
L...❤❤❤...
TH-cam: THIS IS FINE.
THREE IN ONE
SOMEONE: SAYS ''HECK''.
TH-cam: BE GONE
Life's story is a short journey so have fun before sleeping forever
#Чо #эт #делает #на #2 #месте #в #тренде
#однако #я #люблю #таких #рыбаков .#垃圾.
Megan: ''Hotter''
Hopi: ''Sweeter''
Joonie: ''Cooler''
Yoongi: ''Butter''
Жизнь, как красивая мелодия, только песни перепутались.
#ライブ配信の再編ありがとうです！#この日のライブ配信は、#かならりやばかったですね！１#万人を超える人が見ていたもんね（笑）#やっぱり人参最高！#まさかのカメラ切り忘れでやら1かしたのもドキドキでした！#今後は気を付けないとね5). .
!💖🖤❤#今後は気をライブ配信の再編ありがとうです！#この日のライブ配信は、#１万人を超える人が見ていたも ん（#笑）#やっぱり人参最高！#まさかのカメラ切り忘れでやら1かしたのもドキドキでした #今後は気をライブ配信の再編ありがとうです！（ #笑）#垃圾
Idk I saw it as the opposite. The fact WSJ highlighted the cheesy letter from Starbucks head office about their anti-union stance out of financial interests, thinly veiled as if it were a love letter. If WSJ wanted to push an anti union agenda, they wouldn’t highlight so clearly a terrible letter like that. They definitely exposed their ulterior motive more than anything.
what happened to starbucks in seattle ? closed ??
My eyes were wide open when she talked about the prepaid gift card.