Starbucks is reportedly establishing a new office space in Newport Beach, California, a location situated approximately a five-minute drive from the residence of CEO Brian Niccol. The 4,624-square-foot office, located on the 13th floor, was reportedly completed on July 2 and designed by Gensler, an architectural firm known for its work on projects such as the Chase Center in San Francisco and the Shanghai Tower.
This growth comes as Starbucks navigates a period of declining store sales. In its fiscal quarter ending June 29, the company reported a 2% drop in global store sales, with North American store sales also falling by 2%. This marks the sixth consecutive quarter of sales decline for the coffee giant. Despite this, net revenue saw a 4% increase, reaching $9.5 billion compared to the same period last year. During the quarter, Starbucks expanded its global footprint by opening 308 net new stores, bringing its total to 41,097 worldwide.
The company has been exploring various strategies to revitalize its performance, including initiatives like writing customer names on cups in Sharpie and introducing a “Green Apron Service” program. These efforts are part of a broader plan to address the recent sales downturn.
