Brian Niccol once ran Chipotle. But Starbucks says buying his former company isn’t part of the strategy.
Brian Niccols. Photos: Getty Images; Adobe Stock
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Starbucks has denied the rumors that it will be acquiring Chipotle.
Following a report from the Financial Times that the Coffeehouse chain had been working on a Chipotle takeover proposal in recent months, the multibillion-dollar company is setting the record straight.
“As a matter of policy, we don’t comment on rumors and speculation, but we want to be clear we are not buying Chipotle,” a Starbucks spokesperson told Reuters.
The company is instead insisting that it is “laser focused” on its “Back to Starbucks” strategy, a plan implemented by its CEO Brian Niccol. The coffee chain is continuing its “strong momentum and confidence” in its long-term growth prospects and will share its fourth-quarter results later this month, a spokesperson confirmed to Inc. in a statement.
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The current Starbucks strategy has been successful in revitalizing the brand over the last two years. Its main focus is shaping customer experience by creating a community-focused “third place” for coffee, targeting a 4-minute wait time in cafés, and renovating stores.
“We have more work to do, but we’re relentlessly focused on reclaiming the third place and becoming the world’s greatest customer service company,” Niccol said in a press release.
In the company’s third-quarter earnings report, global comparable store sales for Starbucks were up by 7.9 percent, with North America company-operated comp sales up by 8.1 percent.