Starbucks CEO Howard Schultz Has Huge Global Grocery Ambitions

Starbucks CEO, Howard Schultz, has big plans for his empire, and perhaps somewhat surprisingly, they do not involve coffee.

Schultz recently revealed his plans to expand his empire into the grocery industry but did not give any note on specific products. The company has, however, been researching new items and spent $9 million last year on R&D for new food, drinks and equipment. When discussing his new plans to expand, Schultz told German magazine Der Spiegel, “I think we have an enormous opportunity to do a lot of things in the food and beverage industry. In the next 12 to 18 months, we will be unveiling new products and entirely new categories. I can’t tell you with specificity what it is, but we’re going to build a major multibillion-dollar business in the grocery industry for Starbucks, both domestically and around the world. I think people are going to be quite surprised over the next few years at what Starbucks is capable of doing.”

With a Starbucks coffee shop currently on nearly every corner in the U.S. and growing around the world, it’s not surprising that Schultz has huge ambitions to match his incredible empire.

Source: Business Insider