Wednesday, September 30, 2009

How to turn around a corporation

Lessons from Starbucks' renaissance:
  1. Hire the old CEO who originally built up the brand
  2. Close poorly performing outlets
  3. Squeeze $500M efficiencies out of the production process
  4. "Freshen" the brand with social awareness and "fair trade" coffee
  5. Get rid of the cookie-cutter retail outlets, and customize shop designs to fit into local markets
  6. Close for a day to teach the baristas how to make better espresso
These changes have lead to a 100% abnormal return (above what the market did) in the last year.

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