Howard Schultz

You have to tell me you're the landlord. Private equity that's letting real estate sit empty? It's empty.

You have to tell me you're the landlord. Private equity that's letting real estate sit empty? It's empty.

Okay. It turns out, I know I'm going to get killed for this story. You're going to have to fix this. Turns out the owner of the space is Blackstone.

Okay. It turns out, I know I'm going to get killed for this story. You're going to have to fix this. Turns out the owner of the space is Blackstone.

Of course. Of course. So I said, why am I in Italy? I called John Gray. Gotta go to New York. Called John Gray up front of me. No way. I said, John, I'm in Milan. Do you realize you own this space in Cartuzzo Square that used to be a post office? He said, I don't know, let me check. I said, John, I'm coming to see you tomorrow.

Of course. Of course. So I said, why am I in Italy? I called John Gray. Gotta go to New York. Called John Gray up front of me. No way. I said, John, I'm in Milan. Do you realize you own this space in Cartuzzo Square that used to be a post office? He said, I don't know, let me check. I said, John, I'm coming to see you tomorrow.

We do the deal with John Gray. Amazing.

We do the deal with John Gray. Amazing.

so uh and john's a big fan of starbucks he had previously been in seattle for a wedding or bar mitzvah or something and saw the roastery so you knew exactly what i was talking about and so that is how we entered in milan now we have 30 stores we have 30 traditional stores in italy

so uh and john's a big fan of starbucks he had previously been in seattle for a wedding or bar mitzvah or something and saw the roastery so you knew exactly what i was talking about and so that is how we entered in milan now we have 30 stores we have 30 traditional stores in italy

Then 30 stores. We're in Milan. We're in Rome. We're in Florence. And two, three years later, what do you think the number one beverage is? It's espresso. It's espresso. For Starbucks.

Then 30 stores. We're in Milan. We're in Rome. We're in Florence. And two, three years later, what do you think the number one beverage is? It's espresso. It's espresso. For Starbucks.

Straight espresso. Espresso is the number one beverage. Wow. And so I don't take the success in Italy for granted. We've got to continue to earn it. But what I'm most proud of is that we've respected the Italian people and coffee culture for 50 years.

Straight espresso. Espresso is the number one beverage. Wow. And so I don't take the success in Italy for granted. We've got to continue to earn it. But what I'm most proud of is that we've respected the Italian people and coffee culture for 50 years.

And they embraced us. And so the implication of espresso being the number one beverage is it's not tourists. It's the Italians coming to Starbucks.

And they embraced us. And so the implication of espresso being the number one beverage is it's not tourists. It's the Italians coming to Starbucks.

There's a lot of tourists coming into the roastery, but yes. And that they're choosing to get their espresso at Starbucks, not at... Yeah. Yeah. So, you know, Italy... I'm going to Italy, I think, next week, but I'm just... For me, the gratification, the satisfaction of complete full circle from 1983 is just beyond belief for me.

There's a lot of tourists coming into the roastery, but yes. And that they're choosing to get their espresso at Starbucks, not at... Yeah. Yeah. So, you know, Italy... I'm going to Italy, I think, next week, but I'm just... For me, the gratification, the satisfaction of complete full circle from 1983 is just beyond belief for me.

There has always been stories that all these competitors were going to steal business from Starbucks. But from 1983 to all the way today, The consumption of specialty coffee is still a small amount relative to the macro opportunity. So all those people have expanded the market with and for Starbucks.

There has always been stories that all these competitors were going to steal business from Starbucks. But from 1983 to all the way today, The consumption of specialty coffee is still a small amount relative to the macro opportunity. So all those people have expanded the market with and for Starbucks.