Case Analysis 2: Starbucks
Tori Wenzel
Simmons College
MGMT 340 – Strategy
Professor Raffety
November 8, 2014 Wenzel 2
History & Development
In 1971, Starbucks began selling whole-bean coffee at the Seattle Pike Place
Market. Jerry Baldwin, Zev Siegl, and Gordon Bowher, were three entrepreneurs who
developed Starbucks and named the company after the first mate in Herman Melville’s
novel Moby Dick. By 1982, Starbucks had expanded into five stores and one small
roasting facility that were operating as a wholesale business selling coffee to local
restaurants. As Starbucks was going the three entrepreneurs decided to invest in Howard
Shultz next. Shultz joined Starbucks as manager of retail sales and marketing, bringing
insight into their marketing strategy that was currently non-existent.
During the year of 1983, Shultz decided to take a trip Italy where he discovered
the restaurant side of coffee. Italians understood coffee as an integral part of the romantic
culture in Italy. Shultz noticed that Italians began their day at the espresso bar and later
returned to enjoy more coffee with friends. The owners of Starbucks during this time
were not interested in entering the restaurant side of coffee and wanted to continue to be
suppliers. This resistance to change and growth prompted Shultz to leave Starbucks and
open his own coffee bars.
By 1987, Shultz had opened three II Giornale coffee barns, two in Seattle and one
in Vancouver. During this year the owners of Starbucks agreed to sell the company to
Shultz. That is when Shultz combined his II Giornale coffee bars and Starbucks under the
name of Starbucks. Upon Shultz acquiring ownership the image of Starbucks had began.
Shultz had a plan to grow Starbucks slowly with a solid foundation. Shultz
transformed each of Starbucks locations into coffee bars inspired from his trips to Italy
and Milan. Starbucks hired top executives from corporations like PepsiCo because Shultz
knew that early losses would ensure future profits. From 1989 to 1990 Starbucks had
reported losses each year; however, Shultz was not discouraged and continued with his
methods of not to “sacrifice long-term integrity and values for short-term profits.” By
1991 sales had increased by 84% and Starbucks was on the rise. Early successes were
down played because Shultz believed in the philosophy of under-promising and overdelivering was the best method.
Starbucks continued to grow and brought in two billion dollars by 2000, above
analysts’ predictions of one billion dollars a few years prior. Starbucks was able to
average an annual revue growth rate of 28% per year from 1993 to 2013. As of 2013,
Starbucks brought in $13 billion in annual revenues; an estimated 200,000 employees;
17,000 Starbucks-branded cafés in 40 countries. Starbucks also owns Seattle’s Best
Coffee, Torrefazione Italia, Tevana’s Heaven of Tea brands, and more. Today, Starbucks
is one of the leading, specialty coffee producers in the United States and expanding
worldwide.
First I will analyze the internal environment. Second, I will explore the external
industry environment. Then I will discuss Starbucks business-level strategy. I will
conclude by providing Starbucks recommendations on global expansion. I provide a
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quick reference that includes information corresponding to your specific questions in
Appendix 1.
Internal Analysis
Competitive Advantage: Starbucks has been able to achieve a competitive advantage
over the industry and major competitors in certain areas of profitability. The four
indicators of profitability that I will be touching upon include; annual sales, return on
invested capital (ROIC), return on assets (ROA), and return on equity (ROE).
The annual sales for Starbucks, McDonalds, and Dunkin Donuts are $13.30
billion, $27.57 billion, and 658.18 million respectively. McDonalds has higher annual
sales than Starbucks each company offers different services and quality as well as the size
of each corporation varies. Starbucks focuses on having a high quality differentiated
product where an experience I sold with every product. McDonalds focuses on have a
large variety of products but at a lower cost and quality. Dunkin Donuts is substantially
lower in annual sales, however, still a major competitor within the United States.
The ROIC measures the effectiveness of a company’s usage of capital funds that
are available for investment. The ROIC for Starbucks, McDonalds, Dunkin Donuts, and
the industry are 25.60%, 18.33%, 2.67%, and 16.47% respectively. Out of the companies
compared Starbucks is the most effective with their usage of capital funds that are
available for investment. Starbucks is also above the industry average for ROIC. This
concludes that out of the companies compared Starbucks is the most effective, therefore,
creating the most value as of 2013.
The ROA measure the profit earned on the employment of assets. The ROA for
Starbucks, McDonalds, Dunkin Donuts, and the industry are 17.57%, 15.98%, 3.36%,
and 11.70% respectively. Starbucks has the highest ROA of the companies and industry
compared; therefore, Starbucks is the most profitable on their assets. The ROE measures
the percentage of profit earned on common stockholders’ investment in their company.
The ROE for Starbucks, McDonalds, Dunkin Donuts, and the industry are 28.85%,
36.83%, 19.83%, and 32.26% respectively. McDonalds has the highest profits earned
from stockholders’ investment and are the only company that is above industry average
of the companies compared. Even though Starbucks’ ROE is below industry average this
does not indicate that they are in debt because their ROIC is below their ROE.
Starbucks has been able to continue to open stores and increase revenues each
year, with the exception of their decrease in 2009. This was due to store closures,
however, Starbucks came back in 2010 bringing in higher revenues than in 2008.
Starbucks has been able to sustain competitive advantage over the years within their
industry and market segment.
Distinctive Competencies: Starbucks has the resources and capabilities that it takes in
order to have distinctive competencies within their company that differentiate their
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products from the industry. Starbucks has both tangible and intangible resources or assets
of the company that are put into action with the capabilities that they possess.
The tangible resources include the location of their stores, the additional
companies that Starbucks owns, the location of their roasting plants, where they buy their
beans from, and the employee benefit packages. Starbucks has approximately 17,000
Starbucks-branded cafés in 40 countries around the world. Approximately 9,000 of these
locations are corporate owned and licensees and franchisees operate approximately 8,000
of these locations. This is an important resource to have for Starbucks because their
primary goal is to bring an experience to their customers with each cup of coffee. The
only way to obtain this goal is to have the store locations dispersed around the world.
Starbucks is also the owner of many other companies including, Seattle’s Best
Coffee, Torrefazione Italia, Teavana’s Heaven of Tea brands and many more. This has
allowed Starbucks to reach different markets and to increase their profits. Starbucks also
owns private roasting facilities in various locations including California, Nevada,
Pennsylvania, South Carolina, Washington, and the Netherlands. These roasting facilities
are strategically placed in order to serve different locations around the world. This cuts
down on distribution costs to various stores due to their close proximity various markets.
Starbucks has obtained an exclusive contract with a mill in Pasto, located on the
side of the Volcano Galero for their Narino Supremo bean. This is an important resource
because this is one of the highest quality coffee beans around the world. Starbucks takes
the Narino Supremo beans and roasts them to perfection and sells them to their customers
instead of blending with lower quality coffee. Allowing Starbucks to differentiate their
products. Starbucks also provides employee benefits packages to all full time and part
time employees. This is to create incentive and desire for their employees to perform to
the best of their ability everyday.
The intangible resources include the procurement process of their coffee beans,
the Starbucks logo, Shultz’s knowledge and their employee training programs. The
procurement process or the roasting of the coffee beans is vital to Starbucks’ product.
During this process professional roasters have to watch, listen and smell the coffee beans
to know when they are done perfectly and even upon completion each batch of coffee
beans are checked for the correct coloring too. If batch is not perfect they are discarded.
This process is one of the aspects for Starbucks’ success and reputation for high quality
products over the years.
The Starbucks logo is also an intangible resource because it is a display of their
brand. The logo represents a mermaid who has flowing hair that afforded her more
modesty. The current logo does not have the Starbucks Coffee logo on it because
Starbucks wants to be able to symbolize a broader product range. Shultz’s knowledge and
believes are also vital to the success of Starbucks and cannot be replicated. This is an
important intangible resource for the future growth of Starbucks. The final intangible
resource is the employee training programs. These programs train the employees on
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ideals and methods of operation at each Starbucks store. This creates consistency and
employee knowledge about what Starbucks stands for.
Starbucks also has the capabilities to productively use their resources. Their
capabilities include the procurement process to produce their coffee as well as their hiring
and training methods. The procurement process to produce their coffee was previously
described as a resource; however, this process is also a capability. This is due to the skills
and knowledge needed to effectively produce the highest quality coffee. Each roaster is
trained to know exactly when the beans are perfectly roasted by watching, listening, and
smelling each batch. This capability allows Starbucks to produce the highest quality
coffee.
Starbucks hiring practices are also a capability because by hiring the proper
employees the company is able to build a quality business. When Shultz took over
Starbucks’ he believed hiring top executives away from other large corporations would
benefit the company in the long run. This allows Starbucks to build a strong foundation to
work from. Starbucks also promotes their employees from within to give each employee
a desire to perform their best to move up through Starbucks. This is true with the
Starbucks’ roasters; each roaster is promoted from within and is trained for a year. This
promotion is considered to be a great accomplishment. All of these capabilities allow
Starbucks to effective utilize their resources currently and moving forward.
Strengths: Starbucks strengths include product line, store locations, and their wellknown reputation. The Starbucks’ product line at the basic level is high quality coffee
and pastries. The product offerings include various types of drinks that incorporate
espresso and coffee as well as other customizable drink options. Their pastries are
strategically chosen to compliment the coffee and espresso drinks. Starbucks’ coffee is
considered a strength because of how they differentiate their product from competitors.
They perfectly roast each batch of coffee beans in order to produce and sell the highest
quality coffee.
The store locations that Starbucks have chosen are also a strength. Starbucks
strategically chooses visible locations to reduce money spend on advertising. This allows
for Starbucks to be located in accessible locations for their customers as well. Starbucks
has stores located in 40 countries around the world and depending on the country,
government and norms they are either corporate owned stores or licensed stores. This
allows for Starbucks to be globally located and decreases risks of entering new markets.
The Starbucks reputation is also one of their strengths. Starbucks is viewed as
offering high quality products that is associated with a higher social status as well.
Customers come for the coffee and pastries and stay for the inviting and comforting
environment and culture sold with each product. The Starbucks customers expect
exceptional products and service during each visit.
Weaknesses: Starbucks has strengths but also has weaknesses that they can approve
upon. These weaknesses include global market share and private roasting facilities
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around the world. Their first weakness is that Starbucks does not have the majority
market share in Canada, the United Kingdom, Western and Eastern Europe and Asia. In
many of these markets Starbucks has either the second or third largest market share. In
Canada, Starbucks has the second largest market share behind the other category that
includes many local coffee shops. In the United Kingdom, Starbucks has the third largest
market share behind other local coffee shops and Costa Coffee. In Western Europe,
Starbucks has the second largest market share behind other local coffee shops. In Eastern
Europe, Starbucks has one of the lowest market shares and is not considered established
in this market. In Asia, Starbucks has the second largest market share behind other local
coffee shops, that controls 2/3 of the Asian market. Having the largest market share in
each market takes time but can be accomplished if done effectively.
Starbucks second weakness is lack of roasting facilities in different countries. By
not having their facilities located in different markets this increases their distribution
costs to global markets. By implementing more roasting facilities in key markets this will
increase efficiency, profitability, and market share in each market.
External Environment Analysis
Industry: Starbucks is currently operating in the specialty eatery industry. To be more
specific Starbucks is operating in the specialty coffee segment within this industry. Their
current rivals include Caribou Coffee, McDonalds, Dunkin’ Donuts, Peet’s Coffee and
Tea as well as many smaller competitive companies.
Porters Five Forces:
Starbucks is well known throughout the United States and continuing to be known
globally. The risk of new entrants is apparent for Starbucks in some markets more than
others. The overall threat of new entrants include independent local coffee shops, Italian
inspired coffee shops and bars, Boutique coffee bars, locally operated specialty cafés, and
other fast food chains continuing to enter the specialty coffee segment. Although many of
these potential competitors are not affecting Starbucks currently, they still need to be
aware of up and coming competitors.
Economies of scale within the industry are the ability for any company to reduce
unit costs by spreading costs over large quantities of outputs. Starbucks produces
products in an atypical method of mass production. This is apparent in their production of
roasting their beans to perfection. The coffee beans are roasted to the Starbucks standard
and each batch are evaluated and if they are not up to the standard they are discarded.
This mass production process is known as the procurement process, this allows Starbucks
to differentiate their products from competitors. In order for Starbucks to achieve
economies of scale they have to produce a large amount of perfectly roasted coffee beans.
Starbucks is able to efficiently spread their costs out by having six different roasting
facilities located in California, Nevada, Pennsylvania, South Caroline, Washington, and
the Netherlands. This allows for many facilities to be operating at the same time and
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distributing to different markets. By efficiently producing perfectly roasted coffee beans
they are then able to distribute them to their markets for sale to end consumers.
Starbucks also is able to achieve economies of scale by taking advantage of
spreading fixed production costs by expanding the number or corporate and licensed
stores around the world. By strategically locating each Starbucks store, Starbucks is able
to spend only $182.4 million or 1.3% of sales on advertising their product and brand.
This allows them to open more locations in the future, continue to bring innovation to
their menu and build an iconic brand.
Starbucks has been able to obtain brand loyalty of their consumers because of
high quality products, exceptional service, and an experience served with every product.
By Starbucks only spending 1.3% of their sales on advertising it has allowed them to
invest in areas that have created their brand loyalty and value to Starbucks. Starbucks
brand loyalty comes from their highly visible locations, innovative menu and their wellknown brand.
The Starbucks brand and logo have evolved to create stronger brand loyalty with
their customers. The original Starbucks logo showed a 16th century Norse woodcut of a
visibly topless mermaid. This logo was used until Shultz took over Starbucks and in 1992
Starbucks released their improved logo. This logo showed a mermaids flowing hair that
afforded her more modesty and was no longer visible topless. This was a necessary
improvement because Starbucks was entering into countries with strong cultural taboos
around nudity. This logo also showed the Starbucks Coffee nameplate. This logo was
used until 2011 when the present day logo was designed. This logo removed the
nameplate allowing Starbucks to symbolize a broader product range than just coffee. The
Starbucks brand and logo has continued to improve and represent the emphasis Starbucks
has on high quality products.
Starbucks is known for high quality coffee and pastries and this has contributed to
their brand loyalty with their customers. By focusing on having perfectly roasted coffee
beans during the procurement process Starbucks is able to deliver these products with
pride to each customer. Starbucks also is known for selling an experience with each of
their products. Starbucks employees have a goal to create a long-term relationship with
their customers. Employees taking extra quality time to interact with the customers when
they order, when they receive their orders as well as questions concerning home brewing,
achieve this. In addition the atmosphere creates dedication to Starbucks for American
customers.
An absolute cost advantage that Starbucks has over new entrants includes the
control of the Narino Supremo bean crop in Pasto, located on the side of the Volcano
Galero. This allows Starbucks the ability to produce superior coffee and differentiation of
their products compared to industry competitors. Their procurement process allows for
them to create perfectly roasted coffee beans increasing their competitive advantage. In
addition Starbucks has access to capital from years of being in business and being
profitable, that allows for future growth.
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There are a large number of companies operating in the specialty eatery industry
and a smaller number operating in the specialty coffee segment. This allows for rivalry
among the established companies because they are all fighting for market share. This
industry is considered to be a consolidated industry because it is dominated by a small
number of large companies that determine industry price. Each company is directly
affected if another company decides to change their price, quality, or product line. The
industry demand is fairly saturated and companies within the industry are fighting for
market share in various markets around the world. Rivalry is sparked by the desire for the
highest quality beans to produce the highest quality coffee, therefore, acquiring the
largest market share.
There are cost conditions that are associated with the specialty coffee industry
including each company’s fixed costs. The fixed cost in the specialty coffee industry are
high therefore in order to achieve economies of scale they must produce a high volume of
product to be able to spread costs over a large customer base. Starbucks has a
differentiated product that leverages them to achieve a higher sales volume that allows
them to have the ability to be profitable and achieve economies of scale. Cost conditions
associated with the specialty coffee industry can cause rivalry within the industry.
The exit barriers associated with the specialty coffee industry and for particularly
Starbucks include the employee benefits packages and Shultz’s emotional attachment to
the specialty coffee industry. The employee benefits packages are provided to full time
and part time employees. These packages include medical, dental, vision and short-term
disability, as well as paid vacations and holidays, mental health and chemical dependency
benefits. In addition they include an employee assistance program, a 401(k) savings plan,
and stock options. For Starbucks to exit the industry all of these items would need to be
addressed and paid for. In addition Schultz has an emotional attachment to the specialty
coffee industry. He believes in creating an experience and having the best beans for a
higher purpose. This would be emotionally draining on Schultz should Starbucks ever
leave the market.
The bargaining power of buyers in terms of Starbucks being the buyer is high
because Starbucks has made a promise to the mill in Pasto to guarantee purchase of the
entire Narino Supremo bean crop each year. This means that Starbucks is the sole income
and profit provider to these farmers each year. The bargaining power for the buyer is also
low because Starbucks relies on this crop each year in order to achieve the highest quality
and most differentiated product on the market. The bargaining power of buyers when
customers are the buyers is low. Customers do not have control over the prices of the
products offered and are willing to pay for the experience and high quality Starbucks
products at a premium price.
The bargaining power of the supplier in terms of the mill in Pasto is high because
they offer a unique product that is known to be high quality and highly desired in regions
around the world. The bargaining power is also low because they rely on Starbucks for
their income and profits from their crop each year.
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Starbucks products are substitutable in the specialty coffee industry due to their
competitors. Caribou Coffee is a substitute because they offer a specialty coffee that is
also sold to many grocery stores. Peet’s Coffee and Tea is substitute they produce a high
quality coffee around the same price point. McDonalds’ McCafé drinks are substitutes
because they are priced lower than Starbucks but are not at the same quality level.
Dunkin’ Donuts products are substitutes because they offer espresso drinks, as well as
coffee, and their newest product the dark roast coffee this is aimed towards customers
desiring stronger and higher quality coffee.
The specialty coffee industry has complementing products that are sold in various
companies’ stores. Home brewing products such as coffee bean grinders as well as coffee
and espresso machines are considered complements. Addition complementing products
are coffee mugs, travel mugs and travel tumblers. Many companies have taken these
products and used them as promotional items by adding their logo.
Threats: Starbucks has threats that include competitors increasing market share, industry
competitors entering a new market prior to Starbucks, and the economy. Dunkin’ Donuts
and McDonalds increasing their market share within the specialty coffee industry directly
affects Starbucks. If their market share increases in a saturated market rivalry among
competitors will also increase. Industry competitors entering into new markets to expand
their brand and product lines are also threatening to Starbucks. Starbucks needs to
continually innovate their menu and products in order to stay competitive. Lastly if the
economy enters a recession this is a threat to Starbucks because some customers may
choose a cheaper option.
Opportunities: Starbucks has opportunities for growing the coming going into the future
that include expanding into different markets as well as acquiring ownership or the
creation of new brands. Starbucks has the opportunity to expand into the health and
fitness markets by utilizing products and ideals associated with this market. This would
give Starbucks the opportunity to innovate their menu and create healthier options of the
health conscience customer. Starbucks also has the opportunity to acquire ownership or
create a brand of clothing that appeal to the health and fitness consumer but continue to
want to high social status of Starbucks. For example a competitor that produces high
quality fitness apparel is Lulu Lemon. They are perceived as high quality and valuable to
their customer’s fitness needs and is associated with higher societal status.
Business-level Strategy
Starbucks business-level strategy is a focused differentiation strategy because
their target are customers who want customized products that fulfill their needs in the
specialty coffee segment. Starbucks products are differentiated from competitors because
of the procurement process of the Narino Supremo beans is used to produce high quality
coffee. Another aspect that contributes to their strategy is selling the Starbucks
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experience with every cup of coffee or product sold to customers who require a high
quality cup of coffee.
There are approximately 17,000 Starbucks-branded stores around the world.
There are approximately 9,000 corporate owned stores where they control the training
and required features of each store. There are approximately 8,000 licensee-owned
Starbucks stores worldwide. Starbucks allowing licensed stores allows for Starbucks to
enter markets with no risk because the corporation does not have to provide the capital.
Also the licensed stores have owners who are usually entrepreneurs and are motivated to
improve the quality and profitability of their store.
Starbucks does not invest in large amounts of advertising; they only used 1.3% of
sales towards advertising in 2013. Starbucks prefers to invest in securing highly visible
locations, innovation in its menu and building an iconic brand worldwide.
Recommendations
Starbucks has grown into one of the most iconic specialty coffee brands in the
world. I recommend that Starbucks focus on expanding into global markets further to
establish larger customer bases and to obtain more market share. In order to effectively
expand Starbucks further I recommend that in markets where Starbucks is present only in
corporate owned stores allowing licensed stores to enter as well. This will allow for
Starbucks to create a larger presence in each market with lower risk involved. I also
recommend that in markets where Starbucks are present by licensed stores entering into
these markets with corporate owned stores. This will increase profits and market share in
these markets. I also recommend going forward for Starbucks to eventually consider
buying back licensed stores and making them corporate stores once Starbucks is well
established in that market. Lastly I recommend that in order to lower distribution costs
Starbucks needs to strategically place more roasting facilities around the world. This will
require more roasters being trained before the new facilities are able to be operated.
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Appendix:
Exhibit 1:
Pro%itability 40.00% 35.00% 30.00% Starbucks 25.00% McDonalds 20.00% Dunkin 15.00% Industry 10.00% 5.00% 0.00% ROIC ROA ROE Analysis Questions
1. How would you characterize the specialty coffee café industry? What is the
key success factors in this industry?
• Starbucks is currently operating in the specialty eatery industry. To be more
specific Starbucks is operating in the specialty coffee segment within this
industry. Their current rivals include Caribou Coffee, McDonalds, Dunkin’
Donuts, Peet’s Coffee and Tea as well as many smaller competitive companies.
• The key success factors include differentiation, economies of scale, brand
loyalty, and cost advantages.
2. What are Starbucks' strengths and weaknesses? Does it have any sources of
sustainable competitive advantage?
• The Starbucks’ product line at the basic level is high quality coffee and pastries.
The product offerings include various types of drinks that incorporate espresso
and coffee as well as other customizable drink options. Their pastries are
strategically chosen to compliment the coffee and espresso drinks. Starbucks’
coffee is considered a strength because of how they differentiate their product
from competitors. They perfectly roast each batch of coffee beans in order to
produce and sell the highest quality coffee.
•
The store locations that Starbucks have chosen are also a strength. Starbucks
strategically chooses visible locations to reduce money spend on advertising. This
allows for Starbucks to be located in accessible locations for their customers as
well. Starbucks has stores located in 40 countries around the world and depending
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on the country, government and norms they are either corporate owned stores or
licensed stores. This allows for Starbucks to be globally located and decreases
risks of entering new markets.
•
The Starbucks reputation is also one of their strengths. Starbucks is viewed as
offering high quality products that is associated with a higher social status as well.
Customers come for the coffee and pastries and stay for the inviting and
comforting environment and culture sold with each product. The Starbucks
customers expect exceptional products and service during each visit.
•
Their first weakness is that Starbucks does not have the majority market share in
Canada, the United Kingdom, Western and Eastern Europe and Asia. In many of
these markets Starbucks has either the second or third largest market share. In
Canada, Starbucks has the second largest market share behind the other category
that includes many local coffee shops. In the United Kingdom, Starbucks has the
third largest market share behind other local coffee shops and Costa Coffee. In
Western Europe, Starbucks has the second largest market share behind other local
coffee shops. In Eastern Europe, Starbucks has one of the lowest market shares
and is not considered established in this market. In Asia, Starbucks has the second
largest market share behind other local coffee shops, that controls 2/3 of the Asian
market. Having the largest market share in each market takes time but can be
accomplished if done effectively.
•
Starbucks second weakness is lack of roasting facilities in different countries. By
not having their facilities located in different markets this increases their
distribution costs to global markets. By implementing more roasting facilities in
key markets this will increase efficiency, profitability, and market share in each
market.
•
Starbucks has been able to continue to open stores and increase revenues each
year, with the exception of their decrease in 2009. This was due to store closures,
however, Starbucks came back in 2010 bringing in higher revenues than in 2008.
Starbucks has been able to sustain competitive advantage over the years within
their industry and market segment
3. Porter argues that to achieve a sustainable position, a company has to make
trade-offs that its competitors are unable or unwilling to make. What tradeoffs has Starbucks made? What different activity choices has it made from its
rivals?
Starbucks has made trade-offs such as having the highest quality coffee. In order to
achieve this goal they have to invest in trained roasters and the time it takes to train
them as well as having the highest quality coffee bean. Other competitors sacrifice
quality in order to keep prices low and have the ability to have a high supply.
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4. How is Starbucks' product positioned in the market? How do its functionallevel strategies align (or fail to align) with this positioning?
Starbucks’ product is positioned as a high end differentiated product. In order to
effectively achieve this product they have private roasting facilities producing perfectly
roasted coffee beans. As well as their advertising tactics are to spend minimal amounts
of money because Starbucks would rather invest in securing high visible locations,
innovating their menu and building their brand worldwide.