by William White | June 25, 2013 9:50 am
Seattle-based coffeehouse Starbucks (SBUX), starting today, wants a little more to wake up its customers.
The price increase will vary by region and drink, with some drinks seeing a 1% increase in price.
“Less than a third of beverages will see a small increase in most stores,” Lisa Passe, a Starbucks spokeswoman, told the Associated Press.
The price hike comes at a time when coffee cost are down, but Starbucks cites increase in labor, rent, marketing and equipment cost as reasons for the hike.
Some independent coffeehouse owners don’t plan on following the price increase.
“People go to Starbucks for convenience, and a lot of people really enjoy it, but there is another crowd that appreciates and supports local business,” Kelli Cornelius, owner of Star City Coffee and Ale House, told JCOnline. “Coming from the perspective of the independent coffeehouse world, we don’t typically view Starbucks as competition.”
Source URL: http://investorplace.com/2013/06/starbucks-price-hike-begins-today/
Short URL: http://invstplc.com/1nx09Xy
Copyright ©2017 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.