Starbucks (NASDAQ:SBUX) recently had its 25th Annual Meeting of Shareholders on March 22. This shareholder meeting covered key topics of interest for Starbucks shareholders, and portrayed some of the future plans for the company. Starbucks stock went on to rally the remainder of the week, on a nice volume spike. This share price rally was anything but coincidental, as Starbucks addressed future plans for innovation, mobile pay, and Chinese growth.
As Starbuck’s current CEO Howard Schultz steps down, and Kevin Johnson takes over, both stated that Starbucks will continue to focus on innovation. In 2014, Starbucks opened its first roastery and it is already serving as a foundation for the company’s coffee innovation pipeline. Starbucks is continuing to create different flavor profiles to separate them from any competitor.
In addition to new flavors and roasts, the company will also launch Starbucks Mercato, a new menu of lunch items. These new items include grab-and-go salads and sandwiches for health conscious consumers. Starbucks has grown its food business by 1.5 times since 2013 and plans to double its food business by 2021.