Starbucks targets millennial customers with coffee for $10 a cup

Starbucks is looking to raise its profile among millennials by selling upmarket coffee at $10 (€9.30) a cup at a select number of ‘reserve’ brand stores and ‘tasting rooms’ in major cities as part of a five-year plan targeting annual revenue growth of 10%.

It was recently announced that Starbucks’ co-founder Howard Schultz will step down as CEO in April to focus on building the group’s new range of high-end coffee shops.

The company yesterday said it would add 12,000 stores globally by 2021 and target comparable sales growth in mid-single digits and profit growth of 15% to 20% a year.