As CBS News correspondent Bianca Solorzano reported on "The Early Show" Wednesday, the company's newest shop, set to open Friday, will be called 15th Avenue Coffee and Tea. The vibe will be more artsy, Solorzano explained. There will be live music, poetry readings and alcohol options of wine and beer. But could the new strategy backfire?
R.J. Hottovy, an analyst at investment research firm Morningstar, said, "I think it is a little bit of a risky move, especially if they were to do this on a large scale." In March, Starbucks CEO Howard Schultz acknowledged the company needed to adjust its approach in a down economy.
On "The Early Show", Schultz said, "This is a time when every business can no longer embrace the status quo, and (must) do everything they can to get as close as possible to the customer." Starbucks says it may expand the new approach to other cities if it succeeds in Seattle. Solorzano pointed out there's no word yet on how much a venti Chardonnay might set you back!
(Story pulled from CBS News )