By Dan Mitchell of TheBigMoney
Most years, Howard Schultz, chairman and CEO of Starbucks, uses the annual shareholders meeting to introduce a major new product or a cool new piece of coffee-making equipment. Something buzzworthy.
At this year’s meeting, held in Seattle on Wednesday, there was nothing in the way of buzz, and Schultz introduced nothing new, except for a focus on “value” and a fresh effort to squash the “myth” that “there is a $4 cup of coffee at Starbucks.”
Problem is, it’s not really a myth. Some of Starbucks’ coffee drinks do cost $4 and even more. But even when they cost less, they are still an extravagance. And in a recession, extravagances are the first thing to go.
