Starbucks is named after the first mate in Herman Melville’s Moby Dick. Their logo is also inspired by the sea – featuring a twin-tailed siren from Greek mythology. Their story began in 1971; back then the company was a roaster and retailer of whole bean and ground coffee, tea and spices with a single store in Seattle’s Pike Place Market. From just a narrow storefront, Starbucks offered some of the world’s finest fresh-roasted whole bean coffees. The name, inspired by Moby Dick, evoked the romance of the high seas and the seafaring tradition of the early coffee traders.
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'History of Starbucks'
In 1981, Howard Schultz (Starbucks chairman and chief executive officer) had first walked into a Starbucks store. From his first cup of Sumatra, Howard was drawn into Starbucks and joined a year later.
In 1983, Howard traveled to Italy and became captivated with Italian coffee bars and the romance of the coffee experience. He had a vision to bring the Italian coffeehouse tradition back to the United States - A place for conversation and a sense of community. A third place between work and home. He left Starbucks for a short period of time to start his own Il Giornale coffeehouses and returned in August 1987 to purchase Starbucks with the help of local investors.
From the beginning, Starbucks set out to be a different kind of company. One that not only celebrated coffee and the rich tradition, but that also brought a feeling of connection.
Their mission is to inspire and nurture the human spirit – one person, one cup, and one neighborhood at a time.
Today, they are privileged to connect with millions of customers every day with exceptional products and more than 24,000 retail stores in 70 countries.
Investor Information
- Starbucks went public on June 26, 1992 at a price of $17 per share (or $0.53 per share, adjusted for subsequent stock splits) and closed trading that first day at $21.50 per share.
- Starbucks was incorporated under the laws of the State of Washington, in Olympia, Washington, on Nov. 4, 1985.
- Starbucks Corporation’s common stock is listed on NASDAQ, under the trading symbol SBUX.
Schultz, still the Chairman and CEO of Starbucks in 2016, began the rapid expansion of the coffee chain. According to Forbes magazine, he was worth an estimated 2.9 billion U.S. dollars in 2016. The company’s revenue growth also reflects its success: Starbucks’ annual revenue almost tripled in the last ten years, reaching 21.32 billion U.S. dollars in 2016. Still continuing its global expansion, Starbucks increased its number of establishments by around two thousand during 2016, totaling 25,085 stores by the end of the fiscal year. Well over half of the company’s coffee shops are found in its home country, the United States. A Nielsen Scarborough survey in spring 2016 found that over 35.7 million Americans had visited a Starbucks within the last 30 days. As well as having the largest number of stores worldwide within the coffee chain industry, Starbucks also generates by far the most revenue. The company’s closest competitor in 2015 was the UK based coffee house chain Costa Coffee. Within the broader quick-service industry, Starbucks was the second most valuable fast food brand worldwide in 2016, second only to global giant McDonald’s.
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Starbucks entered Australia through its wholly-owned subsidiaries Starbucks Capital Asset Leasing Company, LLC and Starbucks Coffee Company (Australia) Pty. Ltd. (a joint venture between Markus Hofer (Hofer) and Starbucks Coffee International). Company owned and operated retail stores were opened in quick succession... The Starbucks brand was intended to be an “affordable luxury” - the customer was offered specialty coffee in a special ambience which was available at a premium price. In-store, Starbucks attempted to maintain the same kind and level of experience that its customers, world-wide enjoyed. With its assertive expansion strategy in Australia, according to analysts, Starbucks had become a symbol of Americanization and commercialization. However, Starbucks announced in July 2008 that it would close 61 of its 84 stores in Australia in the following month. Nick Wailes, an expert in strategic management of the University of Sydney, commented that “Starbucks failed to truly understand Australia’s cafe culture”. In May 2014, Starbucks announced ongoing losses in the Australian market, which resulted in the remaining stores being sold to the Withers Group.
