VDR Official X
February 10, 2026
Acquired • Starbucks. You’d be hard pressed to name any brand that’s more ubiquitous in the world today. With nearly half a billion global customer purchases per week across its stores and 3rd party retail channels, a significant portion of the human population gets their daily fix in the green and white paper cup. (Including our own Ben Gilbert who famously enjoys his daily spinach feta wrap. :) But it wasn’t always this way. Long before the frappuccinos and the PSLs and the cake pops, Starbucks was just a small-time Seattle roaster that only sold beans — and was started not by Howard Schultz but rather the guys who later ran Peet’s (!). Starting from six tiny stores when Howard took over in 1987, this quirky coffee company named after a character from Moby Dick has scaled to nearly 40,000 locations worldwide. Today, in a first for Acquired, the protagonist himself joins us as a third cohost to tell the whole story of Starbucks. And Howard is in the perfect moment to do this — after three separate stints as CEO he’s now retired, off the board of directors, and in his own words “not coming back.” So place a mobile order (or not! as you’ll hear Howard speak about), sit back with your own favorite Starbucks items, and enjoy. Sponsors: Many thanks to our fantastic Season 14 partners: J.P. Morgan Payments* https://bit.ly/acquiredJPMP5yt ServiceNow https://bit.ly/acquiredsn Pilot https://bit.ly/acquiredpilot24 The Biggest Thing We’ve Ever Done: San Francisco. September 10, 2024. Mark your calendars. http://acquired.fm/sf Links: Howard’s letter “The Soul of a Brand” https://www.linkedin.com/posts/howardschultz_the-soul-of-a-brand-activity-7169073767615332352-ONbX/ Worldly Partners’ multi-decade Starbucks analysis https://worldlypartners.com/starbucks/ Starbucks S-1 https://www.scribd.com/doc/11801030/Starbucks-IPO More Acquired: Get email updates with hints on next episode and follow-ups from recent episodes https://www.acquired.fm/email Join the Slack http://acquired.fm/slack Subscribe to ACQ2 https://pod.link/acquiredlp Check out the latest swag in the ACQ Merch Store! https://www.acquired.fm/store *Future capabilities of biometric payments are under development; features and timelines are subject to change at the bank’s sole discretion. Note: references to Fortune in ServiceNow sponsor sections are from Fortune ©2023. Used under license. Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions. © Copyright ACQ, LLC
Content Summary
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Summary
1. Scaling the Human Experience for Financial Success
2. Omnichannel Branding as a Marketing Billboard
3. Navigating the Friction of Digital and Cultural Growth
Knowledge Snap
Strategy 1: The Philosophy of the Third Place
🎬 Related Clip
(3)
Video Title
10:36 - 12:37
Schultz describes his initial encounter with the vibrant and social coffee culture found in Italy.
29:55 - 31:56
Schultz discusses the magic of the coffee bar where coffee serves as a social conduit.
49:07 - 51:08
Schultz emphasizes that the intimacy between the barista and the customer is a powerful equity component.
Strategy 2: Employee-Centric Operational Equity
🎬 Related Clip
(3)
Video Title
02:24:55 - 02:26:57
Schultz explains that meeting employee expectations is the prerequisite for satisfying the company's customers.
01:05:51 - 01:07:57
Schultz discusses the pioneering decision to offer comprehensive healthcare benefits to the company's part-time workers.
02:53:00 - 02:55:02
Schultz notes the success of the college achievement plan where thousands of partners have graduated.
Strategy 3: Strategic Omnichannel Penetration
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(3)
Video Title
01:09:08 - 01:11:08
Schultz recounts the internal debate regarding the controversial decision to sell Starbucks coffee in Costco.
01:12:23 - 01:14:28
Schultz confirms that partnerships with airlines like United functioned as effective marketing without traditional spending.
02:09:30 - 02:11:37
Schultz explains the partnership with Pepsi for distributing bottled beverages in various grocery retail channels.
Strategy 4: Navigating Global Cultural Nuances
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(3)
Video Title
02:28:22 - 02:30:24
Schultz describes the formation of a joint venture that successfully introduced the brand to Tokyo.
01:36:16 - 01:38:21
Schultz details his insistence on maintaining control over the brand's operations when expanding into China.
02:30:55 - 02:32:58
Schultz emphasizes that the brand experience must remain consistent globally regardless of store size.
Strategy 5: Product Innovation as a Market Catalyst
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Video Title
01:21:51 - 01:23:52
Schultz discusses the acquisition of Coffee Connection and the specific asset that led to the Frappuccino.
01:23:07 - 01:25:11
Schultz notes the early success and popularity of the reformatted Frappuccino in California test markets.
02:43:54 - 02:45:56
Schultz acknowledges the difficulty baristas face in making increasingly complex and customized beverages on demand.
Strategy 6: Digital Transformation and Efficiency
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Video Title
50:24 - 52:25
Schultz addresses the modern expectation for real-time updates and remembered preferences in the mobile app.
02:01:12 - 02:03:17
Schultz explains how the mobile app became the primary environment for customers in many stores.
02:30:55 - 02:32:58
Schultz reflects on the tension between mobile convenience and the disruption of the traditional store experience.
The Strategic Evolution of Starbucks into a Global Powerhouse
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☕
Foundational Roots in Seattle
02:18:52 - 02:20:54
Howard Schultz identifies the early founders and the original bean-selling business model of the company.
🇮🇹
Strategic Epiphany in Italy
37:08 - 39:12
A visit to Milan reveals the untapped potential of the espresso bar as a social hub.
🤝
Capital Acquisition via High-Profile Investors
35:14 - 37:15
The brand secures necessary funding through the backing of influential figures like Bill Gates Senior.
📈
Executing the Initial Public Offering
01:19:54 - 01:21:58
Transitioning to a public entity provides the capital required for aggressive domestic and international expansion.
🥤
Product Diversification and IP Acquisition
01:21:51 - 01:23:52
The acquisition of The Coffee Connection brings the Frappuccino trademark into the brand's portfolio.
🆘
Crisis Management and Leadership Return
01:11 - 03:13
Howard Schultz resumes leadership in 2008 to correct negative growth and restore organizational health.
📱
Digital Transformation and Mobile Strategy
49:52 - 51:55
The integration of a mobile application shifts the primary customer interaction environment to digital platforms.
✨
Preserving the Brand Soul
56:27 - 58:34
Howard Schultz reflects on the importance of human connection and partner engagement in long-term performance.
Learning Pathway for Strategic Content Intelligence
| Stage | Videos |
|---|---|
1. Analyzing Market Consistency and Localization | hard pressed to name any brand that’s more ubiquitous in the world today. With nearly half a billion global customer purchases per week across its stores and 3rd party retail channels, a significant portion of the human population gets their daily fix in the green and white paper cup. (Including our own Ben Gilbert who famously enjoys his daily spinach feta wrap. :) But it wasn’t always this way. Long before the frappuccinos and the PSLs and the cake pops, Starbucks was just a small-time Seattle roaster that only sold beans — and was started not by Howard Schultz but rather the guys who later ran Peet’s (!). Starting from six tiny stores when Howard took over in 1987, this quirky coffee company named after a character from Moby Dick has scaled to nearly 40,000 locations worldwide. Today, in a first for Acquired, the protagonist himself joins us as a third cohost to tell the whole story of Starbucks. And Howard is in the perfect moment to do this — after three separate stints as CEO he’s now retired, off the board of directors, and in his own words “not coming back.” So place a mobile order (or not! as you’ll hear Howard speak about), sit back with your own favorite Starbucks items, and enjoy. Sponsors: Many thanks to our fantastic Season 14 partners: J.P. Morgan Payments* https://bit.ly/acquiredJPMP5yt ServiceNow https://bit.ly/acquiredsn Pilot https://bit.ly/acquiredpilot24 The Biggest Thing We’ve Ever Done: San Francisco. September 10, 2024. Mark your calendars. http://acquired.fm/sf Links: Howard’s letter “The Soul of a Brand” https://www.linkedin.com/posts/howardschultz_the-soul-of-a-brand-activity-7169073767615332352-ONbX/ Worldly Partners’ multi-decade Starbucks analysis https://worldlypartners.com/starbucks/ Starbucks S-1 https://www.scribd.com/doc/11801030/Starbucks-IPO More Acquired: Get email updates with hints on next episode and follow-ups from recent episodes https://www.acquired.fm/email Join the Slack http://acquired.fm/slack Subscribe to ACQ2 https://pod.link/acquiredlp Check out the latest swag in the ACQ Merch Store! https://www.acquired.fm/store *Future capabilities of biometric payments are under development; features and timelines are subject to change at the bank’s sole discretion. Note: references to Fortune in ServiceNow sponsor sections are from Fortune ©2023. Used under license. Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions. © Copyright ACQ, LLC |
2. Leveraging Partnerships for Distribution Data | hard pressed to name any brand that’s more ubiquitous in the world today. With nearly half a billion global customer purchases per week across its stores and 3rd party retail channels, a significant portion of the human population gets their daily fix in the green and white paper cup. (Including our own Ben Gilbert who famously enjoys his daily spinach feta wrap. :) But it wasn’t always this way. Long before the frappuccinos and the PSLs and the cake pops, Starbucks was just a small-time Seattle roaster that only sold beans — and was started not by Howard Schultz but rather the guys who later ran Peet’s (!). Starting from six tiny stores when Howard took over in 1987, this quirky coffee company named after a character from Moby Dick has scaled to nearly 40,000 locations worldwide. Today, in a first for Acquired, the protagonist himself joins us as a third cohost to tell the whole story of Starbucks. And Howard is in the perfect moment to do this — after three separate stints as CEO he’s now retired, off the board of directors, and in his own words “not coming back.” So place a mobile order (or not! as you’ll hear Howard speak about), sit back with your own favorite Starbucks items, and enjoy. Sponsors: Many thanks to our fantastic Season 14 partners: J.P. Morgan Payments* https://bit.ly/acquiredJPMP5yt ServiceNow https://bit.ly/acquiredsn Pilot https://bit.ly/acquiredpilot24 The Biggest Thing We’ve Ever Done: San Francisco. September 10, 2024. Mark your calendars. http://acquired.fm/sf Links: Howard’s letter “The Soul of a Brand” https://www.linkedin.com/posts/howardschultz_the-soul-of-a-brand-activity-7169073767615332352-ONbX/ Worldly Partners’ multi-decade Starbucks analysis https://worldlypartners.com/starbucks/ Starbucks S-1 https://www.scribd.com/doc/11801030/Starbucks-IPO More Acquired: Get email updates with hints on next episode and follow-ups from recent episodes https://www.acquired.fm/email Join the Slack http://acquired.fm/slack Subscribe to ACQ2 https://pod.link/acquiredlp Check out the latest swag in the ACQ Merch Store! https://www.acquired.fm/store *Future capabilities of biometric payments are under development; features and timelines are subject to change at the bank’s sole discretion. Note: references to Fortune in ServiceNow sponsor sections are from Fortune ©2023. Used under license. Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions. © Copyright ACQ, LLC |
3. Digital Integration in Service Environments | hard pressed to name any brand that’s more ubiquitous in the world today. With nearly half a billion global customer purchases per week across its stores and 3rd party retail channels, a significant portion of the human population gets their daily fix in the green and white paper cup. (Including our own Ben Gilbert who famously enjoys his daily spinach feta wrap. :) But it wasn’t always this way. Long before the frappuccinos and the PSLs and the cake pops, Starbucks was just a small-time Seattle roaster that only sold beans — and was started not by Howard Schultz but rather the guys who later ran Peet’s (!). Starting from six tiny stores when Howard took over in 1987, this quirky coffee company named after a character from Moby Dick has scaled to nearly 40,000 locations worldwide. Today, in a first for Acquired, the protagonist himself joins us as a third cohost to tell the whole story of Starbucks. And Howard is in the perfect moment to do this — after three separate stints as CEO he’s now retired, off the board of directors, and in his own words “not coming back.” So place a mobile order (or not! as you’ll hear Howard speak about), sit back with your own favorite Starbucks items, and enjoy. Sponsors: Many thanks to our fantastic Season 14 partners: J.P. Morgan Payments* https://bit.ly/acquiredJPMP5yt ServiceNow https://bit.ly/acquiredsn Pilot https://bit.ly/acquiredpilot24 The Biggest Thing We’ve Ever Done: San Francisco. September 10, 2024. Mark your calendars. http://acquired.fm/sf Links: Howard’s letter “The Soul of a Brand” https://www.linkedin.com/posts/howardschultz_the-soul-of-a-brand-activity-7169073767615332352-ONbX/ Worldly Partners’ multi-decade Starbucks analysis https://worldlypartners.com/starbucks/ Starbucks S-1 https://www.scribd.com/doc/11801030/Starbucks-IPO More Acquired: Get email updates with hints on next episode and follow-ups from recent episodes https://www.acquired.fm/email Join the Slack http://acquired.fm/slack Subscribe to ACQ2 https://pod.link/acquiredlp Check out the latest swag in the ACQ Merch Store! https://www.acquired.fm/store *Future capabilities of biometric payments are under development; features and timelines are subject to change at the bank’s sole discretion. Note: references to Fortune in ServiceNow sponsor sections are from Fortune ©2023. Used under license. Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions. © Copyright ACQ, LLC |
4. Scaling Human Values for Organizational Performance | hard pressed to name any brand that’s more ubiquitous in the world today. With nearly half a billion global customer purchases per week across its stores and 3rd party retail channels, a significant portion of the human population gets their daily fix in the green and white paper cup. (Including our own Ben Gilbert who famously enjoys his daily spinach feta wrap. :) But it wasn’t always this way. Long before the frappuccinos and the PSLs and the cake pops, Starbucks was just a small-time Seattle roaster that only sold beans — and was started not by Howard Schultz but rather the guys who later ran Peet’s (!). Starting from six tiny stores when Howard took over in 1987, this quirky coffee company named after a character from Moby Dick has scaled to nearly 40,000 locations worldwide. Today, in a first for Acquired, the protagonist himself joins us as a third cohost to tell the whole story of Starbucks. And Howard is in the perfect moment to do this — after three separate stints as CEO he’s now retired, off the board of directors, and in his own words “not coming back.” So place a mobile order (or not! as you’ll hear Howard speak about), sit back with your own favorite Starbucks items, and enjoy. Sponsors: Many thanks to our fantastic Season 14 partners: J.P. Morgan Payments* https://bit.ly/acquiredJPMP5yt ServiceNow https://bit.ly/acquiredsn Pilot https://bit.ly/acquiredpilot24 The Biggest Thing We’ve Ever Done: San Francisco. September 10, 2024. Mark your calendars. http://acquired.fm/sf Links: Howard’s letter “The Soul of a Brand” https://www.linkedin.com/posts/howardschultz_the-soul-of-a-brand-activity-7169073767615332352-ONbX/ Worldly Partners’ multi-decade Starbucks analysis https://worldlypartners.com/starbucks/ Starbucks S-1 https://www.scribd.com/doc/11801030/Starbucks-IPO More Acquired: Get email updates with hints on next episode and follow-ups from recent episodes https://www.acquired.fm/email Join the Slack http://acquired.fm/slack Subscribe to ACQ2 https://pod.link/acquiredlp Check out the latest swag in the ACQ Merch Store! https://www.acquired.fm/store *Future capabilities of biometric payments are under development; features and timelines are subject to change at the bank’s sole discretion. Note: references to Fortune in ServiceNow sponsor sections are from Fortune ©2023. Used under license. Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions. © Copyright ACQ, LLC |
Video Content Analysis Insights
Key Topics Identified
| Keyword | Count |
|---|---|
| brand | 1 |
| video | 1 |
| analysis | 1 |
Trends Over Time
Theme Connections
Detailed Findings and Insights
1. Scaling Humanity Over Ubiquity
🎬 Related Clip
(2)
Video Title
02:49:56 - 02:51:59
Schultz explains to analysts that scaling humanity is the true secret to the company's success.
01:11 - 03:13
Co-host to discuss this third place Howard Schultz Howard started working at.
2. The Theater of High-End Roasteries
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Video Title
02:34:09 - 02:36:10
Schultz describes the Roasteries as dynamic vehicles designed to provide theater and romance to customers.
01:49:48 - 01:51:49
Schultz mentions that many customers visit the Roasteries specifically to see the roasting process in action.
3. Resiliency During Financial Crisis
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(2)
Video Title
03:08:37 - 03:10:40
Schultz recalls the fear and difficulty when the stock price dropped significantly in 2008.
58:02 - 01:00:05
Schultz discusses organizing a massive meeting for ten thousand store managers to turn the company around.
4. Infrastructure and Supply Chain Mastery
🎬 Related Clip
(2)
Video Title
41:35 - 43:36
Schultz mentions their foundational ability to source and roast high-quality coffee from their Seattle base.
01:28:46 - 01:30:47
Schultz briefly discusses the practice of sourcing and drinking high-quality coffee from India.
5. The Impact of Servant Leadership
🎬 Related Clip
(2)
Video Title
56:47 - 58:47
Schultz credits Howard Behar with bringing the concept of servant leadership to the company's culture.
02:26:19 - 02:28:22
Schultz speaks about the responsibility of leaders to maintain the characteristics that built the brand.
6. Protecting the Soul of the Brand
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Video Title
03:10:57 - 03:12:57
Schultz explains why he felt compelled to write a letter about the brand's declining shine.
03:12:17 - 03:14:19
Schultz notes his recommendations were intended to provide a positive interpretation for the brand's future.
