Why Starbucks is Actually a Bank
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- เผยแพร่เมื่อ 25 ม.ค. 2021
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Audio editing by Eric Schneider
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"McDonald's is a real estate company"
"Starbucks is a bank"
Next: why harvard is a wealth management company
ok wheres the lie tho
There is no lie, just giving polymatter ideas hahaha
Harvard is a hedge fund and staffing agency, the pesky school part is scouting tallent.
how kfc is a tech company
@@Jdalio5 I believe it's the crowdfunding and PR wing of the company.
9:02 They even have a perfect name for that currency: Starbucks.
SBC - Starbucks Coin, called it.
They could easily create a cryptocurrency
Yes and peg themselves to Duncan Donuts 2:1.
@@alhdzsz28 Small Block Chevy?
their rewards are stars, so yes literally Star bucks
i'm a starbucks barista in a ritsy area, and customers will straight up keep hundreds of dollars loaded on their starbucks app. i'm shocked every time, like, it's a power move.
Really? Starbucks is looked down upon where I live. Like it's a tacky place for... average people or college students. The coffee is kinda bad.
@@Chironex_Fleckeri not "kinda" bad, it's over roasted garbage water.
I live in UK. Starbucks was trendy here for a few years and then people realised they were paying top money for shit coffee. The only people who go to Starbucks these days are those who don't know better.
@@Chironex_Fleckeri and a new....candle now and then?
Starbucks is the go-to for basic rich white girls. No wonder the cash flow for the company is insane.
The genius of naming it “Star” “Bucks” now has a whole new meaning... future digital currency...
Polymatter: McDonald's is a landlord, Starbucks is a bank
Calling it, Spotify is a private military contractor
Google is a PMC.
@@bisonbro7 PMC
Starbucks offers free Spotify premium for its employees
@@name3256 I thought it was Coca-Cola!
Samsung has a military I heard
next video: Target is Really an Adult Daycare
facts
You're not wrong
🤣🤣🤣
LOL!
Judging by their clientele? Yeah.
Small town friendliness is the last thing I think of, when thinking of the typical Starbucks barista.
Starbucks has much better customer service than the usual standard where I live.
There is no Starbucks within 70 miles of where I live. However, if I'd go to the closest one, I could choose among 8 Starbucks within walking distance.
"why starbucks is actually a bank" video starts at 7:02
Ik, dude could have just dismissed all the bullshit in the beginning
@@eggs2627 he needs to explain why they did this. That’s the point of the channel, explain different business strategies, and companies and detail why and how they worked and will work
Wish I saw this earlier im at 5:45 and too invested to skip now
This channel makes me second guess all my knowledge. What next, McDonald’s is a real estate company? 😂
Just waiting for the r/whoosh
Hahaha, underrated comment
💀💀💀
Wondering if he's serious or kidding
@@russellfernandez57 he’s kidding
Now you can tell bank robbers “Sir, this is a Starbucks”
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@@hassanoffical181 nein!
@@hassanoffical181 *S i l e n c e BOT*
@@bork9570 I'm not a bot ☹️
@@Thestin yes
I’m not a financial mogul or anything, so watching this makes me that much prouder that I figured out Starbucks had become a bank back in 2015.
"it's sorta liquid, not just because you can convert it to coffee.' -niiiiice
And it tastes really nutty too!!! (Mmmmm!!! Sewage water! Yummy!)
it aint a polymatter video without china being somewhere in it 5:24 🗿
I think it is the other way arpund since china tries to control the world
@@golfredomendoza7175 It isn't China without a Polymatter video somewhere in it?
it ain't a wendover production video without planes in it
@@tsegatesfaye7368 it ain't practical engineer without "Hi, I'm Graddy"
It aint an educational youtube channel without sponsers from brilliant.
"McDonald's is a real estate company"
"Starbucks is a bank"
"Chili's is a front for the Chinese mafia"
That’s funny but not too far off, apparently nearly all olive oil from Italy is controlled by the mafia
That would explain why my local chili’s burned down
@@empoleonmaster6709 You mean Genco's oil?
@@nzf-kx2qol1g12 Yes?
Not completely untrue
Polymatter: Not everyone should code
Also Polymatter: Everyone should learn computer science at brilliant
Funny cause in that video he specifically mentioned how coding and computer science are different thinfs
@@JohnnyBooi he also mentioned coding is something you can learn in online courses, computer science needs a degree.
69th like
"Starbucks is a bank"
"McDonalds is a real estate company"
Next video:
"Burger King is a car company"
no sir, Apple is the Car Company.
That means that in some universe, Arby's is a roast beef company. Whoa...
Whoosh, Jimmy. Whoosh as fuck
Dominoes is tech company and kfc a gaming soon
@@jimmyzhao9748 对韭当割 人生几何
short answer: customers put lots of $ in their starbucks card before they even make a purchase, which is the "bank" dat starbucks is getting $ from
Thanks
that’s what I guessed it would be
Hmm they made a 10 minute video from this, classic TH-cam.
I don't know if it was only in my country or not, but there was a bank which gave home loans, so to apply for a home loan, you had to pay some money, now their model was to earn money from these applications, and loan that money.
Tnx for the comment
thanks for the tl;dr
This video was like a magic trick.
At first I was like “how can they be a bank that makes no sense.”
Then I had kinda forgotten about the bank premise once we were deep into the history of Starbucks, and by the time he mentioned the Starbucks card I was thinking of this as more of a Company Man video. Like “oh cool so that concept helped save the company.”
Then BOOM he hits us with the Largest Banks graph from earlier in the video and I was like “WOAH THEY’RE A FUCKING BANK HOLY SHIT”
09:50 "an unregulated bank" -- yep, any outlet from which you buy gift certs or make use of a top-up account (amazon comes to mind) is doing exactly this. And the breakage definitely makes it worthwhile. Also, should the company go out of business, it would most likely take a class action lawsuit to get the money back, as card holders are not considered "creditors".
You can’t sue a non-existent company though
this is seven minutes of a Starbucks history lesson and three minutes of why Starbucks is actually a bank
The context is important to understand their move fully.
pretty much, it was enjoyable tho
@@gab_gallard no, not at all
@@user-so3nj7rj1d Of course it is. Do you really think everyone in the world knows what Starbucks is all about? I didn't know about this card system they have for example since I'm not a customer. Without that vital piece of information and understanding the impact it had in their business practice I wouldn't have understood anything.
@@gab_gallard he could have explained it in 2 minutes or so.
"Starbucks is a bank"
"McDonald's is a real estate company"
next video: "KFC is in pc master race"
well MatPat already have a video on how KFC won the Console war
KFC is actually one of Asia's biggest music distributors, which is even weirder in my opinion
@@antoinemorin1816 blew my mind
@UCRKY1Fq_ic9Vphqi43jMDLg A variety of opinions is healthy unless one loves oppression and is vehement regarding their predilect of totlitarianism and autocracy.
And Apple is actually a cult while Facebook, serves a social experiment by our alien overlord horribly gone wrong
Me: Mom, I want to be a banker by working at an international bank
Mom: We have an international bank at home
International bank at home:
Haha not funny
maybe instead "home" the word "town" or "neighbourhood"/ Nachbarschaft would be better
@@vaiyaktikasolarbeam1906 it's the format
They do hold liquid assets...
It’s amazing how an empire was made based on the principle of making bad coffee
It was based on buying 1 cup of coffee to go.
Based on sugar, not the first one at that
It’s not my go to. But I wouldn’t say it’s bad. There’s a lot of bad coffee out there lol
"Starbucks is known everywhere as THE coffee shop."
Canada : That's not how you spell Tim Hortons.
american here. Tim Hortons is 10 times better than starbucks.
next: why delta airlines is actually a pyramid scheme
Hol up, you are on to something
I can imagine Iilluminaughtii doing a video like that lol
Hold up
Didn’t we already know this? Lol
But how?
4:00 Japan didn’t have the first international Starbucks. The first international Starbucks came a decade prior to Japan’s. It opened in 1987 in Vancouver Canada at waterfront station.
The moment when you realised Americans thought Canada was just another one of its state which speaks with a slightly different accent and really good at dealing with cold
@Cancer McAids My free healthcare is very real...
Maybe they meant overseas or on another continent? Canadia is international. ;)
@@grrandram Not what Inter”national” would mean.
Thank you so much for all the work you put into this video!
Starts at 7:05 (if you don't want to waste your time)
Next video on Wendover:
The logistics of Starbucks banks
Which would have a nice Segway to planes in some way
@Jack Attack Your face looks like a Dwight.. your words sounds like an Oscar, which are you?
I dunno, it might only be half as interesting
@@MadhavVij I think it will have a segue way into Segways
@@TorreFernand My bad! :D
"McDonald's is a real estate company"
"Starbucks is a bank"
next video: "Pepsi sells smartphones"
edit: why is everyone copying my comment this was my idea....
@@hammerth1421 *navy
@@hammerth1421
th-cam.com/video/nqCSxyudKHY/w-d-xo.html
It is time to bust this myth.
@@trevorboland4294 Oh, yeah. Languages...
pepsi is a military
Lol, I remember Pepsi selling sneakers in Asian market in early 2000...
why is like 7 minutes of this just the history of starbucks
Probably because the explanation of how it's a bank isn't actually that long-winded, and I thought the history was pretty valuable but ymmv
Because it's necessary
No, this video only heeded to be 4 minutes
Johnathan Meili because it is just an Ad. it resorted to click baiting.
must be minimum 10 mins to get ads revenue, i think
Fascinating. And one has to somehow admire the business acumen, at least over recent years.
"McDonald's is a real estate company"
"Starbucks is a bank"
Next Video: “Apple is a grocery store”
He has one about apple being a gaming company
Apple is a slave owner lol
Apple is kinda financial company with their apple card 😂
“Amazon is a tropical forest”
@@AkunSayaYT apple has about $191 Billion in crash on
Hand
“Personalise each cup with the customer’s name”
You didn’t have to misspell my name to personalise it...
they have to give it a human touch
Every American with an ethnic name can share in the annoyance of vendors doing this. Just give me a fucking ORDER NUMBER. It's accurate and efficient.
Sometimes they make up their own names for you.
@@nahor88 Yes, finally someone said it
@@nahor88 I've seen mine spelled so many interesting ways, I've started looking forward to it as a special surprise 😉. Collumn, Caleb, Calvin, Colin, Colon, Kallem, etc but rarely Calum. Every order is an adventure!
Thank you for the video, I learned a lot from you over the years!
7 minutes until they actually talk about why Starbucks is a bank. This could have been a 3 minute video.
This Starbucks story is more of courage than genius. I am still thinking about the courage to ask people to pay for things they don't want now and convince them that they will need it tomorrow. The magic of brand loyalty and compound interest are on the same level
Ye it’s crazy
Nope. The power of addiction and status.
This is one of those "McDonald's is a not a restaurant" type videos I see. Can't wait to watch!!
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@@hassanoffical181 Can you not? Reporting all of these for spam.
McDonald’s is a bus station!
7-11 is a retail crack-cocaine dealership!
Souplantation is a comedy club!!
I realized this years ago when I first got a SB card and it wouldn't allow for passthrough transactions and I had to load a set minimum amount of money on the card to make a rewards purchase. You couldn't even release the funds to your bank account. You had to spend the remaining balance at starbucks. Stopped using their rewards right after that realization. Scammy
Me going in: "This will be funny"
Me coming out: "Well that's horrifying"
I used to always keep at least $100 in my Starbucks "bank". Since the pandemic I never go to Starbucks anymore because I can no longer sit down at a table.
I may be wrong but I'd guess that I am not the only Starbucks customer in the world who has stopped "banking"
Me going to StarBucks
*”Yes I would like to withdraw 100 CoFFee BeAns PlEaSe”*
This better be a futurama reference
Yo guys check out this funny minecraft video: th-cam.com/video/MRgshlm_zOc/w-d-xo.html
Thanks for adding actual captions to your video.
10:03 Nice transition to your sponsor....it was so smooth, that I didnt even notice it, at first. :)
“Starbucks is THE coffeeshop” from a dutch perspective is this quite wrong
Same goes for italy and a lot other countries that had a strong local cafe infrastructure prior to starbucks.
Also from an Australian perspective, Starbucks more or less failed here lol.
Surely for all of Europe? On an average day wandering around Stockholm, I don’t go past any Starbucks and I never see a Starbucks cup in anyone’s hand.
Starbucks is popular here in Alberta, Canada, but that's only because people have no taste. Or tastebuds when it comes to that.
Well it's THE coffee shop in America
Funnily enough a Starbucks was built in my area's old/empty Captial One bank
The one by my house is in and old fifth third bank too. They even use the big safe as seating.
One in my town went into an old PNC
Where I live, starbucks is regarded just like apple: a place where people drink coffee as a status symbol more than to have a nice cup of coffee. People here consider them both to be overpriced, too.
where i live starbucks is not seen as classy it's like mcdonalds here but where i live there are like a million indie coffee places so it's one of those bubbles
@@m.o.n.d.e.g.r.e.e.n You seem to live in a normal place where something that could be described as the fast food of coffee shops is considered as it.
Do you live in Poland? :D
Apple provides somehwat unparallel utlility tho.
@@AliAhmed63708 Well, them and everyone else who makes phones. Apple has a well-earned reputation for being overpriced, and its products certainly are viewed as status symbols.
I've watched enough Polymatter videos to now correctly identify the transition to ads
McDonald’s: real estate
Starbucks: bank
Google: beverage company
Google is an oil company :)
Google is an advertising company
@@keshavbhanu5788 The moment you realize Google is monopoly in everything...
@@primeroyal7434 Google has a monopoly on information 💁♂️
Facebook: alien's social experiment horribly gone wrong
While everyone is making fun of these video titles, I just wanna say it's really insightful and interesting. Pls make more of these!
Love the video - dropped a like before even seeing because it's a Polymatter original.
thank you for this incredible insight!
In conclusion: Starbucks learnt computer science by using Brilliant!
Im going to put up a "Starbucks coming soon" sign in my neighborhood. Blow a realestate bubble.
Good insight with production value
"Starbucks is a bank"
"McDonalds is a real estate company"
"Apple is a car company"
Ford is a Scrap Metal Company
Apple's a music distributor.
China is a planet. Japan is a retirement home. USA is a Trump real estate
Apple is a marketing company
I once went to Starbucks with my youngest daughter. She is 25. I ordered a medium black coffee. It wasnt a problem to get that, they didnt question it, but they looked at me like I had three heads. When I said my name is Mrs Hildreth they looked at me like I had six heads lol.
yea because it's not a place that sells qualiy coffee, peoplego there for their sugar addicion and perceived status
Haha i had the same experience. I ordered coffee and the barista stared to list all sorts of "coffee" they sell. I again said "coffee black". He looked at me as if i was an alien.
@@eugenekrabs2289 Someone who wants a coffee? There are 100 reasons why you couldn't have made the coffee at home? Maybe you already late? You didn't even intended to drink a coffee but maybe you have to wait and said to yourself, well lets get a coffee then...
What a stupid reasoning is that?
Just commenting to give you more engagement bc I love your channel
Thank you so much for this 🔥🔥🔥
Great video! Super underrated
This is genius. They’ll
Never lose money like that
*looking to buy sturbux stock*
Stonk!!
I lost $50 on Starbucks stock
*sturbux*
Careful. Their ultra liberal views might hurt themselves eventually
They were also facing another problem of having high level of sugar so u may wanna look into that before making any decision
Why PolyMatter is Actually a Great Channel
This ‘Starbucks card’ makes me realise how laundromats can make so good money - when I moved from my student housing, I still had unused money on the laundry company account. Guess lots of other people did the same as well.
This is basically what Costco does with the executive member 2% reward
World: *literally dying into chaos*
Polymatter: sup, da cofe u drink is a bank
I've had $86 on my mobile Starbucks card for the past 6 months.
Just as good as cash especially in a crunch.
People would keep $100s on there SB card.
When it first launched the rewards program was incredible.
Not so much anymore.
the graphics of ur vids are insane
8:55 no, but they have to keep lots of coffee in case of mass caffeine withdrawals...
I am making a video about the same topic haha
lmao
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@@hassanoffical181
What are ya trying to do, the Great TH-cam community exploit? Up yours, spamma!
sounds like something I'd do
Average Starbucks drinker:🍤🤓
Average Tim’s enjoyer: 🍆😎
Yooo I’m so fried dawg I love watching ur videos while I high and man ur voice dawg I get so lost that I rewind the video 3 times but I learn so much thank you much support
Amazing Channel Bro
The way he transitioned from the video to sponsored content, I ended up watching all of it.
Same thing here
I think you missed saying a very important part: you cant just pay for your starbucks drink, you have to add a certain amount of money first, and then pay for your drink from the money in your account. That's how it's different than other online food & drink ordering
Okay video! Thanks for uploading!
One of the best thumbnails I've ever seen of a educational channel
The way PolyMatter makes the transition from the content to the promotion is butter smooth!
haha, I don't know. If he says things like _"Starbucks grew thanks to ... the taste of its coffee.."_ people _will_ get suspicious.
"They put crack in their coffee"
Says a lot of people who are addicted to Starbucks, like me
i used to work in a starbucks in the UK and people here as a rule hate the starbucks loyalty card. the norm for other chain coffee shops is that the loyalty card is something you scan/swipe but you pay with cash/card. once you tell people you have to load money onto the card at starbucks to get the loyalty points, people become very skeptical and give up on the idea. it was only the truly die-hard starbucks regulars who used the app with any regularity. i feel like starbucks doesn't have enough of a market monopoly here (i believe costa is the most popular chain coffee store) for people to feel like loading up a card makes sense.
Congratulations for making a so much incredible video
Goes to Star-bucks
Me: “Can I apply for a car loan?”
This is absolutely genius😮
You say there's no Starbucks franchise. But when I went to Milan in 2019, my friend who worked at the big non-franchise Starbucks told me that there were some small Starbucks franchises in the city. I even went to 2 to buy mugs and tumblers which were exclusive to those small franchise and a lot more expensive than what could be bought in the non-franchise Starbucks.
Great video! Not to mention thats a great move for starbucks, especially for business.
After watching 8 minutes of this video.
Polymatter: It is legally not a bank.
Me: Why do you waste 8 mins of my time?
"McDonald's is a real estate company"
"Starbucks is a bank"
next video: "CVS is a Hedge Fund"
might as well be in the right perspective
Thank you for sharing!Hope everybody here becomes successful on TH-cam🥰
Great video! Totally mind blowing...
"Starbucks is known everywhere as THE coffee shop"
Not in Canada lol
Bombed in Australia 🇦🇺 We like great coffee from small individual outlets
@@daviddarcy1413 I heard about that, something about an established small business coffee culture, very neat
It does ok here but is definitely out performed by Tim Hortons in regards to coffee, Starbucks is more where you go to get fancy sweet drinks which are absurdly overpriced
It is where I am in Canada.
As a Torontonian going to Vancouver DT was surprising. How are there so few Timmie’s?
Totally. It is a bank as much as a fast food and drink place. When I was living in the US, my Gold card was right next to my debit card in my wallet. I had my real money, and then I had my “Starbucks money” - which of course could only be spent at Starbucks. My reward for doing this was that I could get free Starbucks merch, which I could in theory resell, thanks to eBay (and to Starbucks for always varying their cup designs). I even made “interest” on my “Starbucks savings”, by buying my Starbucks gift cards at a store that gave cash rewards, and then transferring the gift card value to my Gold card. It was a core part of the economic engine of my life. And when and if I go home I’ll probably go right back to it! (Sometimes I wonder if my baristas miss me because I went to the same ones every day!)
The best thing about Starbucks is their wifi. Sadly, a lot of the stores in CA are now removing outlets so you can’t work for long. I travel and have relied on Starbucks to be able to work for an hour at a time. I always order food and coffee as well as tip the baristas very well. I’ve already started to look for alternative places to work. Panera’s being one
Great video!
You missed two things:
1. Starbucks's first international expansion was to Canada. Yeah Canada is its own country, its not just USA-North.
2. One of the big things that makes a bank is that they can loan more money out than they have on deposit. Thats right, if a bank has a hypothetical $100 on deposit, they can loan out $1,000 or so. So yeah Starbucks has a significant amount of deposits, but the only way they can make money on that is by investing it somewhere or loaning it to someone else.
Surface=level, you are right, but you miss one thing: The money Starbuck has "on deposit" is not going to be paid out in cash, but rather in food and drinks.
Since we know that Starbucks is making an obscene amount of profit compared to what it costs to brew a cup of coffee, they are returning 1000 dollars in "value", while using only 10 pct or so in the raw materials needed to create that 'value'.
Put another way, whereas a bank needs to take in a deposit first before they can loan on it and make a profit, Starbucks already made the profit as soon as a customer put money on a card or app.
@@shelbynamels973 Eh, your understanding of Starbucks's profit margin isn't correct. They're making something like 20% profits. (Raw materials is not all of the costs of serving your coffee, there is labor, facilities, transportation, and more.)
But in any case you're not saying that they're a bank either. Lots of companies take money and exchange it for a product, Starbucks is just taking the money earlier than others, but they still have to provide the product. (Assuming that the card gets redeemed, and I'd gander a significant percentage of money on Starbucks cards get redeemed.)
@@NickCBax I'm re-posting again, it looks like me initial response hasn't been picked up.
To paraphrase, our disagreement about Starbucks' profit is about the size, not the fact that there is one. Our quibble is about the inputs, and by how much they affect the company's bottom line.
Many companies issue gift cards, but I imagine very few sit on a pile worth 1.5 billion that costs them 0 pct in interest.
Also, a lot of gift cards - the dirty little secret in the industry - never get redeemed.
That is the 'breakage' the video referred to. A quick online search put that figure at around 20 pct of all gift cards. That is money Starbucks gets to keep without ever providing any kind of value for in cash, food or drink.
@@shelbynamels973
I'd really like to know a bit more about the numbers. That $1.5B is a snapshot on a specific date. It is possible, and likely that a significant chunk of that will be spent in the month after that snapshot. (Starbucks has revenue of about $24.5b, so figure they do about 2 billion of revenue per month.)
What would be more interesting to know is how the amount the unredeemed gift cards have changed over the years and quarters. I'm also curious if the restructure of their rewards program (allowing people to earn rewards without using a Starbucks card) has reduced the amount of unredeemed gift cards they have on their balance sheet.
Also, that money isn't completely free. There is a fair bit of infrastructure around gift cards that Starbucks has to stand up. Including making the cards themselves. So while its a 0% loan, they do have costs from that, which I'm sure are covered by the breakage.
A bank almost always engages in fractional banking. They take a deposit of $100, and then they can lend $1,000. That is one of the core fundamentals of being a bank. A bank could not make money if they took a deposit of $100 and could only lend $100 out.
The key difference between a bank and Starbucks is that Starbucks cannot engage in fractional banking. There isn't a way for them to do so and it would be illegal if they tried to do so.
@@NickCBax I really have to wonder, are you such a stickler for excruciating detail and minutiae in all aspects of your life?
Of course the 1.5 bil figure is a snapshot in time. It goes up, and it goes down. What matters is the trend line. If more and more people can be convinced that storing money on a card or a phone app is a good idea, than that amount will continue to trend up, as it did all the years before it reached 1.5 bil.
To say the money is not completely free is more of a sign of getting lost in granular detail. Banks issuing credit cards have expenses associated with printing the physical cards and the cost of mailing them, but that cost is rolled into the business. I have yet to find a bank that will charge my account for the cost of printing and mailing a card. Also, banks mail out monthly statements, Starbucks doesn't, so more money saved.
Whether Starbucks engages in fractional banking was never the point of discussion. In my post I tried to show that Starbucks does not have to wait to make a profit on the money it has 'on deposit' the way a bank does. Starbucks makes a profit on the money as soon as it is deposited, since it doesn't have to provide the product the money is supposed to pay for until much later, and in case of unredeemed cards, that time is never.
So no need to keep nitpicking. Starbucks has been very successful since its inception. They will continuously try out new things, in menu items as well as operation. If an item or a way of doing things turns out to be profitable, they will continue with it. If it doesn't make them any money, they will quit doing it.
Captive money storage seems to be working for them, I expect they will stick with it into the future.
"everywhere" USian forgets USA isn't the entire world again
As a barista at Starbucks, I just don’t understand how it’s so popular. A mom and pop shop has way better coffee (I love the natural taste of espresso, without all the added sugar), and a family shop has a way better atmosphere. It honestly hurts me what Starbucks has done to American coffee
Next video “Why PaPa Johns is actually the biggest pharmaceutical company”
Lol, I have had one single Starbucks drink in my entire Life.
“...first international in Japan...”
That's an incredible chunk of change.
this is fascinating because in the UK it's Costa (and Pret to a lesser extent) that has become ubiquitous and dominates as chain cafés.
they do have loyalty cards to accumulate points for rewards but you can't load money onto it yet.