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SEATTLE; Starbucks Corporation (NASDAQ: SBUX) today reported financial results for its 13-week fiscal third quarter ended June 28, 2020. GAAP results in fiscal 2020 and fiscal 2019 include items that are excluded from non-GAAP results. Please refer to the reconciliation of GAAP measures to non-GAAP measures at the end of this release for more information.

“Since the beginning of the COVID-19 outbreak in January, we have taken a principled approach to navigate the crisis, true to our mission and values. Every step of the way, we have thoughtfully addressed the needs of Starbucks stakeholders and are particularly proud of the industry-leading investments we have made to support our partners while creating a safe, familiar and convenient experience for our customers. Starbucks partners have risen to the occasion, and our near-term focus is to recover sales safely and responsibly by offering our customers the comfort and care that differentiate the Starbucks Experience,” said Kevin Johnson, president and ceo.

“We are pleased to share that the vast majority of Starbucks stores around the world have reopened and our global business is steadily recovering, demonstrating the relevance of the Starbucks brand and the trust we have built with our customers. As we continue to drive the recovery, we are also building resilience for the future by accelerating the transformation of our business in ways that will elevate the customer and partner experience and drive long-term growth. We firmly believe that we are well positioned to regain the positive business momentum we had before the pandemic began and look forward to reigniting our ‘Growth at Scale’ agenda,” concluded Johnson.

PDF: Detailed financial data

Q3 Fiscal 2020 Highlights

Global comparable store sales declined 40%, driven by a 51% decrease in comparable transactions, partially offset by a 23% increase in average ticket
Americas comparable store sales declined 41%, driven by a 53% decrease in comparable transactions, partially offset by a 27% increase in average ticket; U.S. comparable store sales were down 40%, with comparable transactions down 52%, partially offset by a 25% increase in average ticket
International comparable store sales were down 37%, driven by a 44% decline in comparable transactions, slightly offset by a 13% increase in average ticket; China comparable store sales were down 19%, with comparable transactions down 27%, slightly offset by a 10% increase in average ticket; International and China comparable store sales are inclusive of a benefit from value-added tax exemptions of approximately 2% and 4%, respectively
The company opened 130 net new stores in Q3, yielding 5% year-over-year unit growth, ending the period with 32,180 stores globally, of which 51% and 49% were company-operated and licensed, respectively
Stores in the U.S. and China comprised 61% of the company’s global portfolio at the end of Q3, with 15,243 and 4,447 stores, respectively
Consolidated net revenues of $4.2 billion declined 38% from the prior year primarily due to lost sales related to the COVID-19 outbreak
Lost sales of approximately $3.1 billion relative to the company’s expectations before the outbreak included the effects of temporary store closures, modified operations, reduced hours and reduced customer traffic(1)
GAAP operating margin of -16.7%, down from 16.4% in the prior year primarily due to the COVID-19 outbreak, mainly sales deleverage, material investments in retail partner support and other items; GAAP operating margin was also adversely impacted by restructuring activities primarily associated with the U.S. store portfolio optimization
Non-GAAP operating margin of -12.6%, down from 18.3% in the prior year
GAAP loss per share of $0.58, down from earnings per share of $1.12 in the prior year primarily due to unfavorable impacts related to the COVID-19 outbreak totaling approximately -$1.20 per share(1) (2)
Non-GAAP loss per share of $0.46, down from earnings per share of $0.78 in the prior year
Starbucks® Rewards loyalty program 90-day active members in the U.S. declined to 16.3 million, down 5% year-over-year due to reduced customer frequency primarily attributable to temporary store closures and other impacts related to the COVID-19 outbreak
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(1) In this release, we estimate the impact of COVID-19 by comparing actual results to our previous forecasts. These forecasts were created prior to the spread of the virus and were based on information available at the time and on a variety of assumptions which we believe were reasonable, some or all of which may prove not to be accurate.

(2) In this release, the EPS impact of COVID-19 represents an approximation based on the estimated impact of the pandemic on operating results. It does not incorporate any impacts of COVID-19 on non-operating items, such as interest income, interest expense, income taxes and outstanding shares.

We’re incredibly grateful for KFC, Pizza Hut, Taco Bell and The Habit Burger Grill restaurant team members for serving customers and feeding communities during this challenging time.

Our restaurant team members are the heart of our business and their health and safety is our top priority. After closely monitoring developments related to COVID-19, we’re expanding our global health and safety measures following guidance from public health authorities worldwide, including new recommendations by the Centers for Disease Control and Prevention, to further protect our people, customers and brands. These measures include:

Low-contact service experience to protect our customers and employees – KFC, Pizza Hut, Taco Bell and The Habit Burger Grill continue to be focused on making food available safely and with low contact through drive-thru, carryout, curbside pick-up, where available, and Contactless Delivery. We are using our global scale and industry expertise to continue to evolve and refine our practices based on the latest guidance and shifting consumer expectations, including implementing physical distancing measures in the restaurants where possible.

Safe workplace measures – KFC, Pizza Hut, Taco Bell and The Habit Burger Grill are making thermometers available and implementing temperature checks of restaurant team members in the U.S. over the coming weeks. In addition, some KFC and Pizza Hut restaurants in the U.S. plan to install counter shields to add a barrier between team members and customers in restaurants where carryout remains available. Many international markets plan to or have already adopted these policies.

As previously announced, we’ve also further strengthened our already stringent global hygiene, cleaning and sanitation procedures in all restaurants including increasing the frequency of cleaning and sanitizing high-touch areas, reinforcing our strict handwashing, health and wellness policies and ensuring hand sanitizer is available.

Personal protective equipment for restaurant employees

Protective facial coverings. KFC, Pizza Hut, Taco Bell and The Habit Burger Grill have started requiring restaurant team members to wear non-surgical grade face masks or coverings as an added protection in all our U.S. restaurants and internationally, where facial coverings are recommended or required by local health authorities. We are also allowing restaurant team members to temporarily wear their own cloth face coverings until we secure enough non-surgical grade face masks to supply the global system.
Single-use disposable gloves. All guest-facing restaurant team members in the U.S. will wear single-use, disposable gloves during their shifts, in addition to team members who are already required to wear gloves when handling and preparing food after they’ve thoroughly washed and sanitized their hands.
Company-owned restaurant employee pay – In our nearly 900 U.S. company-owned KFC, Pizza Hut, Taco Bell and The Habit Burger Grill restaurants, we’re paying employees who are required to stay at home for their scheduled or regularly scheduled hours during their time away from work.

Restaurant employee medical relief fund – Through the Yum! Brands Foundation’s Global Employee Medical Relief Fund, we’re also providing financial support for restaurant employees at company and franchise-owned restaurants who are diagnosed with or who are caring for someone diagnosed with COVID-19. Yum! and brand employees and others can also donate to the Fund by going to www.yum.com/giverelief. Any funds that are raised that aren’t allocated to restaurant team members will be used to support other front-line workers and those facing food insecurity.

Louisville, KY – Yum! Brands, Inc. (NYSE: YUM) today announced the completion of its acquisition of The Habit Restaurants, Inc. (“The Habit Burger Grill”), following the approval by The Habit Burger Grill stockholders. The transaction marks the addition of the first fast-casual concept to Yum! Brands’ portfolio of iconic global restaurant brands.

Yum! Brands acquired all of the issued and outstanding common shares of The Habit Burger Grill for $14 per share in cash or a total of approximately $375 million. Yum! Brands funded the transaction using cash on hand and available borrowing capacity under its credit facilities.

The acquisition of The Habit Burger Grill adds an award-winning fast-casual concept with a loyal fan-base to Yum! Brands, the world’s largest restaurant company in terms of units and parent of KFC, Pizza Hut and Taco Bell. Founded in California in 1969, The Habit Burger Grill offers a flavor-forward variety of made-to-order items uniquely chargrilled over an open flame. Fan favorites include charburgers, hand-filleted and marinated chargrilled chicken sandwiches, sushi-grade chargrilled ahi tuna sandwiches, fresh salads, craveable sides and handmade frozen treats. The Habit Burger Grill, named Best Regional Fast Food in USA Today’s 2019 Best Readers’ Choice Awards, operates nearly 300 company-owned and franchised restaurants across the U.S. and in China.

“Today marks an important milestone in our company’s history as we officially welcome The Habit Burger Grill to the Yum! family,” said David Gibbs, CEO, Yum! Brands. “The Habit Burger Grill is a sweet spot within fast-casual because of its delicious California-inspired menu with premium ingredients at a QSR-like value, strong unit economics and tremendous untapped growth potential in the U.S. and internationally. We couldn’t be more excited about what the future holds for The Habit Burger Grill and believe our acquisition of this trend-forward brand is a ‘win-win-win’ all around. We’ve added another great restaurant brand with a huge runway for growth to our company, our franchisees have a new investment opportunity in an award-winning, fast-casual concept and The Habit Burger Grill can access Yum!’s unmatched scale and strengths in franchising, purchasing and brand-building.”

Yum! Brands estimates minimal impact to non-GAAP earnings per share before special items in 2020, with accretion beginning in 2021 and increasing thereafter.

“This is a historic day for The Habit Burger Grill and we’re extremely proud to join the Yum! family of brands,” said Russ Bendel, CEO, The Habit Burger Grill. “Our amazing team members and franchisees have always been focused on taking great care of our customers by providing a superior in-store experience and incredible food and none of that will change. Being part of Yum! will take The Habit Burger Grill to the next level by leveraging Yum!’s global scale, resources and franchising capabilities to strengthen and significantly grow our beloved brand for many years to come.”

The Habit Burger Grill Highlights
Customer experience of quality, hospitality, convenience and QSR-like value. The Habit Burger Grill is focused on delivering a welcoming customer experience, served up by talented team members and underpinned by outstanding operations capabilities and focus on friendliness. The brand pairs the premium quality and hospitality consumers associate with full-service and fast-casual chains with the strengths in value, convenience and digital access of quick-service restaurants.

Diverse, grill-focused and California-inspired menu. It offers customers a diverse menu featuring a distinctive chargrilled preparation technique to deliver a unique flavor and a broadly appealing variety of burgers, chicken, tuna and steak featured in its sandwiches and salads. All of the menu is cooked and handcrafted to order using fresh and high-quality ingredients.

Modern asset strategy to drive traffic. The Habit Burger Grill believes in its investment in contemporary restaurant design featuring open kitchens, outdoor patios and interiors enhanced with natural light, polished stone and hardwood accents. This warm, relaxed and comfortable environment has contributed to its balanced day part mix of approximately 50 percent lunch and 50 percent dinner.

Expanding digital and delivery capabilities. Over the past couple of years, The Habit Burger Grill has been enhancing the customer experience and offering additional convenience through delivery partnerships and by introducing online ordering, a mobile app, restaurant kiosks, drive-thrus and technology-centric solutions to deliver excellent store operations.

Strong unit economics and growth. The Habit Burger Grill has grown its company-operated restaurant average unit volumes (AUVs) from approximately $1.2 million in fiscal year 2009 to approximately $1.9 million for fiscal year 2019, representing an increase of 53.9%. In the same time period, The Habit Burger Grill has grown from 26 locations in California to 271 locations in 13 states, as well as internationally in China at a compound annual growth rate of 26.4%.

Transaction Details
With today’s announcement, The Habit Burger Grill is a subsidiary of Yum! Brands, Inc. and will continue to be operated as an independent brand.

The Habit Burger Grill will remain based in Irvine, Calif., and will continue to be managed by The Habit Burger Grill’s President and CEO Russell Bendel and Chief Financial Officer Ira Fils. Mr. Bendel reports directly to David Gibbs.

BofA Securities, Inc. acted as financial advisor and Mayer Brown LLP acted as legal advisor to Yum! Brands. Piper Sandler Companies (formerly Piper Jaffray Companies) acted as financial advisor and Ropes & Gray LLP acted as legal advisor to The Habit Burger Grill.

About The Habit Burger Grill
The Habit Burger Grill is a burger-centric, fast-casual restaurant concept that specializes in preparing fresh, made-to-order chargrilled burgers and sandwiches featuring USDA choice tri-tip steak, grilled chicken and sushi-grade tuna cooked over an open flame. In addition, it features fresh made-to-order salads and an appealing selection of sides, shakes and malts. The Habit Burger Grill was recently named Best Regional Fast Food in USA Today’s 2019 Best Readers’ Choice Awards. The first Habit Burger Grill opened in Santa Barbara, California in 1969. The Habit has since grown to nearly 300 restaurants, including locations in 13 states throughout California, Arizona, Utah, New Jersey, Florida, Idaho, Virginia, Nevada, Washington, Maryland, Pennsylvania, North Carolina and South Carolina, as well as seven international locations. More information is available at www.habitburger.com.

About Yum! Brands
Yum! Brands, Inc., based in Louisville, Kentucky, has over 50,000 restaurants in more than 150 countries and territories primarily operating the company’s brands – KFC, Pizza Hut, and Taco Bell – global leaders of the global leaders of the chicken, pizza, and Mexican-style food categories. The Company’s family of brands also includes The Habit Burger Grill, a fast-casual restaurant concept specializing in made-to-order chargrilled burgers, sandwiches and more. Worldwide, the Yum! Brands system opens over nine new restaurants per day on average, making it a leader in global retail development. In 2019, Yum! Brands was named to the Dow Jones Sustainability North America Index and ranked among the top 100 Best Corporate Citizens by Corporate Responsibility Magazine.

Louisville, KY – Yum! Brands, Inc. (NYSE: YUM) today announced the appointments of Annie Young-Scrivner, Chief Executive Officer of GODIVA Chocolatier, and Keith Barr, Chief Executive Officer of InterContinental Hotels Group® (IHG®), to its Board as non-executive directors, effective January 24, 2020.
“Annie and Keith have both demonstrated strong global leadership experience and bring proven track records in driving performance and innovation for well-known brands, making them excellent additions to the Yum! Brands Board,” said Brian Cornell, Non-Executive Chairman of the Yum! Brands Board of Directors and Chairman and CEO of Target Corporation. “We’re pleased that Annie and Keith will be joining us as Yum! Brands begins its next exciting chapter of global growth.”
“As CEO of GODIVA, Annie has deep experience in global brand-building and market development, and we look forward to the consumer insights and best practices she will bring as we focus on building relevant, easy and distinctive brands that help us deliver more value for franchisees and shareholders,” said David Gibbs, Chief Executive Officer, Yum! Brands. “Annie also brings a wealth of knowledge around digital engagement with consumers, which will be beneficial as we continue to advance the customer experience with technology at the forefront.”
Gibbs continued, “Keith runs a diverse, industry-leading portfolio of hotel brands and is hyper focused on the customer experience and value creation for owners and operators in more than 100 countries. His responsibilities as CEO of IHG, combined with the company’s highly franchised model and focus on building global scale, will allow Keith to make invaluable contributions to the Yum! Board that will unlock growth and benefit our shareholders.”
About Annie Young-Scrivner
Young-Scrivner has served as CEO of GODIVA Chocolatier, the global leader in premium, artisanal chocolate, since September 2017. Prior to joining GODIVA, she served in a variety of senior executive roles at Starbucks Corporation since 2009, including Executive Vice President, Global Digital & Loyalty Development; President, Teavana & Executive Vice President of Global Tea; President of Starbucks Canada; and Global Chief Marketing Officer & President of Tazo Tea. Prior to her time at Starbucks, Young-Scrivner spent 19 years at PepsiCo, serving in senior leadership positions in sales, marketing and general management including CMO and Head of Sales for Quaker Foods and Snacks Division; Chairman and Region President of PepsiCo Foods Greater China; and Vice President and General Manager of PepsiCo’s Target team.In addition to her current duties as CEO, Young-Scrivner serves on the Board of Directors of Tiffany & Co., and has served on the board of Macy’s, Inc. Young-Scrivner holds a Bachelor of Arts from the Foster School of Business, University of Washington, and an Executive MBA from the Carlson School of Business, University of Minnesota. She has also had executive education training at Yale School of Management, IMD in Switzerland, and the Darden School of Business, University of Virginia.
About Keith Barr
Barr has served as CEO of IHG, a global organization that predominately franchises and manages nearly 5,800 hotels and whose brands include InterContinental® Hotels & Resorts, the Holiday Inn® Brand Family and Crowne Plaza® Hotels & Resorts, since July 2017. He has spent more than 25 years working in the hospitality industry having started his career in hotel operations. Barr joined IHG in 2000 and subsequently held a number of senior positions in its Americas and Asia, Middle East and Africa (AMEA) regions. He has been a member of IHG’s Executive Committee since April 2011 at which time he was serving as CEO of IHG’s Greater China business. He was then appointed Chief Commercial Officer for four years where he led IHG’s global brand, loyalty, sales and marketing functions, driving consistent brand strategies and leveraging IHG’s scale and systems to deliver industry outperformance.
Prior to joining IHG, Barr held several senior positions at Bristol Hotels and Resorts. Barr serves on the Board of IHG and sits on the International Advisory Board of EHL. He is a graduate of Cornell University’s School of Hotel Administration. Barr is currently a member of the Dean’s Advisory Board for the School of Hotel Administration, Cornell SC Johnson College of Business.
About Yum! Brands, Inc.
Yum! Brands, Inc., based in Louisville, Kentucky, has over 49,000 restaurants in more than 145 countries and territories primarily operating the company’s restaurant brands – KFC, Pizza Hut and Taco Bell – global leaders of the chicken, pizza and Mexican-style food categories. Worldwide, the Yum! Brands system opens over eight new restaurants per day on average, making it a leader in global retail development. In 2018, Yum! Brands was named to the Dow Jones Sustainability North America Index and ranked among the top 100 Best Corporate Citizens by Corporate Responsibility Magazine. In 2019, Yum! Brands was named to the Bloomberg Gender-Equality Index for the second consecutive year.

The obstacles of your past can become the gateways to new beginnings.” – Unknown

We have acquired Uber Eats India and with this development, we are the undisputed market leaders in the food delivery category in India.

This is a key moment in our journey as it validates our collective achievement – we have worked very hard to get to this point. With our expansion to 550+ cities over the last year, our continued focus on user experience and our commitment to operating excellence, we have demonstrated our ability to execute on a variety of parameters.

The competition in this space is going to continue to be intense, and the food delivery category is still very small compared to the overall food service market in India. This category will continue to grow and get built over the next couple of decades, as we work hand-in-hand with restaurants and food service providers to provide better food for more people.

Our strength in the food delivery category brings with it its added responsibilities and we are keen on continuing to do what we have done this past year, as well as pay even closer attention to our brand, all our stakeholders and most importantly, our users. We must also not forget that with more orders comes greater environmental impact – you will be reading more on this from us in the near future.

Through this deal, Uber Eats India users now become Zomato users. I want to assure Uber Eats India users that their user experience won’t be compromised in any way – if at all, the scale gives us higher density to make our deliveries faster. With Zomato, you’ll realise that we share a common love for great food.

Our restaurant partners have innovated and delighted us in meeting the dizzying pace of consumer demand. And we will continue to work with them with utmost diligence and sincerity.

Similarly, the delivery partners who were earlier associated with Uber Eats India will be on-boarded on our fleet. We welcome them and want to assure them we have their best interest in mind.

Zomato’s mission is better food for more people. We started in 2010 and democratised restaurant discovery to help users find high quality food at restaurants, faster and cheaper. To say the least, this acquisition is a start of a new cycle in our ongoing journey and we could not have been any more excited about the future.

In addition to food delivery, we continue to focus on building our dining out business – and Zomato Gold is now stronger than ever. Hyperpure, our fresh and clean ingredient supply business for restaurants is growing by leaps and bounds and we couldn’t be prouder of the impact that we are making on our users, delivery partners, restaurants, farmers, and our employees.

To better food for more people, and new beginnings.

Zomato Acquires Uber’s Food Delivery Business in India

21 January 2020 , Gurgaon, India: Zomato, one of the largest food apps in India, announced today that it has acquired Uber’s food delivery business in India in an all-stock transaction, which gives Uber 9.99% ownership in Zomato.

Deepinder Goyal, Founder and CEO, Zomato, commented: “We are proud to have pioneered restaurant discovery and to have created a leading food delivery business across more than 500 cities in India. This acquisition significantly strengthens our position in the category. ”

Dara Khosrowshahi, CEO of Uber, said: “Our Uber Eats team in India has achieved an incredible amount over the last two years, and I couldn’t be prouder of their ingenuity and dedication. India remains an exceptionally important market to Uber and we will continue to invest in growing our local Rides business, which is already the clear category leader. We have been very impressed by Zomato’s ability to grow rapidly in a capital-efficient manner and we wish them continued success. ”

Uber Eats in India will discontinue operations and direct restaurants, delivery partners, and users of the Uber Eats apps to the Zomato platform, effective today.

About Zomato: Zomato is a restaurant review, restaurant discovery, food delivery and dining out transactions platform providing in-depth information for over 1.5 million restaurants across 24 countries and serves more than 70 million users every month.

About Uber: Uber’s mission is to create opportunity through movement. We started in 2010 to solve a simple problem: how do you get access to a ride at the touch of a button? More than 15 billion trips later, we’re building products to get people closer to where they want to be. By changing how people, food, and things move through cities, Uber is a platform that opens up the world to new possibilities.

Starting today, Starbucks will offer a new, medium-roast coffee blend dedicated to honoring and supporting women in the coffee industry, and a portion of the proceeds will go to support women and girls in coffee origin communities.

As the first core-line coffee launch since Starbucks® Blonde Espresso in January 2018, Siren’s Blend™ is named after the siren in the Starbucks logo, and was inspired and created by the trailblazing women of the coffee industry. Every aspect of this coffee’s journey was touched by women — from sourcing, roasting and blending to the design on the bag. Siren’s Blend tells a story of the impact women have at Starbucks and in the coffee industry at large.

Starbucks stores in the U.S. — both company-operated and licensed — will offer Siren’s Blend beginning September 24. Starting on that day and leading up to National Coffee Day on September 29th, for every cup of brewed Siren’s Blend coffee sold across the U.S., 15 cents will be distributed equally between International Women’s Coffee Alliance and Days for Girls, two important organizations that support empowering women and girls. Siren’s Blend will be available for purchase as whole bean year-round.

Siren’s Blend is a bright medium roast that shines across every brewing method, hot and iced. The juicy, citrusy, and chocolatey blend combines coffee from East Africa and Latin America, two regions where Starbucks works to elevate women’s leadership and ethical, sustainable farming practices. Siren’s Blend was also inspired by the previously offered Siren’s Note, a blend developed by one of Starbucks first female coffee developers, Mary Williams, in 1998.

International Women’s Coffee Alliance (IWCA)

Starbucks contributions to the International Women’s Coffee Alliance (IWCA) will help provide the necessary resources to pursue its mission “to empower women in the international coffee community to achieve meaningful and sustainable lives; and to encourage and recognize the participation of women in all aspects of the coffee industry.” Learn more about the International Women’s Coffee Alliance.

Days for Girls

To date, a Starbucks Foundation grant has allowed 2,429 washable menstruation kits to be provided and three new sewing enterprises to be launched, made up of 30 women from our coffee communities. The DfG kits and sewing DfG Enterprises are ways that Starbucks supports Days for Girls goal of increasing access to menstrual health and education by developing global partnerships, mobilizing volunteers, cultivating social enterprises and innovating sustainable solutions that shatter stigmas and limitations for women and girls. Learn more about Days for Girls.

Learn more about Starbucks coffee here, and more about Starbucks Foundation grants to support women and girls here.

Further to the announcement made on 20 September 2019, Thomas Cook Group plc (“the Company”) continued to engage with a range of key stakeholders over the weekend in order to secure final terms on the recapitalisation and reorganisation of the Company.

Despite considerable efforts, those discussions have not resulted in agreement between the Company’s stakeholders and proposed new money providers. The Company’s board has therefore concluded that it had no choice but to take steps to enter into compulsory liquidation with immediate effect.

An application was made to the High Court for a compulsory liquidation of the Company before opening of business today and an order has been granted to appoint the Official Receiver as the liquidator of the Company. We anticipate that the Official Receiver will make an application to the High Court for members of AlixPartners UK LLP to be appointed as Special Managers in respect of the Company, to act on behalf of the Official Receiver, and we further anticipate that an order will be granted to that effect. As part of this process, a number of other Thomas Cook Group companies have also entered into compulsory liquidation, with members of either AlixPartners UK LLP or KPMG LLP (depending on the company) being appointed as Special Managers in respect of the relevant Group companies.

We expect that AlixPartners UK LLP will now work very closely with the Civil Aviation Authority in the UK, to effect the repatriation of all UK customers impacted by this announcement.

Peter Fankhauser, Chief Executive of Thomas Cook commented:

“We have worked exhaustively in the past few days to resolve the outstanding issues on an agreement to secure Thomas Cook’s future for its employees, customers and suppliers. Although a deal had been largely agreed, an additional facility requested in the last few days of negotiations presented a challenge that ultimately proved insurmountable.

“It is a matter of profound regret to me and the rest of the board that we were not successful. I would like to apologise to our millions of customers, and thousands of employees, suppliers and partners who have supported us for many years. Despite huge uncertainty over recent weeks, our teams continued to put customers first, showing why Thomas Cook is one of the best-loved brands in travel.

“Generations of customers entrusted their family holiday to Thomas Cook because our people kept our customers at the heart of the business and maintained our founder’s spirit of innovation.

“This marks a deeply sad day for the company which pioneered package holidays and made travel possible for millions of people around the world.”

The Company has requested that its ordinary shares be suspended from listing on the premium segment of the Official List of the FCA and from trading on the main market of the London Stock Exchange with immediate effect.

For press queries relating to the repatriation and future travel of Thomas Cook customers please contact the CAA on press.office@caa.co.uk.

For press queries relating to the affairs of The Thomas Cook Group please contact The Insolvency Service on press.office@insolvency.gov.uk.

For shareholder queries please contact TCUKshareholders@alixpartners.com

For any creditor queries please contact TCUKcreditors@alixpartners.com

Tianjin, China – Today, Starbucks unveiled its flagship Reserve store in Tianjin, China. Located in Riverside 66, a Renaissance-style building constructed in 1921, this flagship store reimagines a nearly century-old heritage building to create an inspiring Third Place experience where history is brought to life and enriched with Starbucks coffeehouse culture.

“Over the past 20 years in China, Starbucks has constantly pushed to innovate and reimagine the Third Place experience, to bring people and communities closer together,” said Leo Tsoi, senior vice president, chief operating officer and president, Starbucks China – Retail. “We are immensely proud and privileged to preserve a revered piece of history that binds together four generations of Tianjin residents, and to share this rich cultural inheritance with more people, passing it on to future generations.”

The Starbucks Reserve Riverside 66 Tianjin flagship store demonstrates Starbucks leadership in retail innovation and sets new standards in store concept and design by combining deep history with an entirely modern third-place experience for customers. For the first time in Tianjin, it features Starbucks Bar Mixato and Starbucks Teavana™ Bar, on top of its Starbucks Reserve offerings that reflect the company’s commitment to elevate and deliver an exceptional in-store experience while creating distinct, new Starbucks occasions in China.

Rejuvenating a Historical Icon

Located in Tianjin’s leading commercial street, the building holds a special place in the hearts of local residents as an iconic city landmark that was a witness to key eras in modern Chinese history. Designed by Shen Liyuan, who was among the first pioneers of Chinese architects to study overseas, it housed the Zhejiang Xinye Bank till the early 1950s, and was a symbol of the city’s economic prosperity and development. In the 1980s, the early days of China’s economic transformation, it reopened as the high end Yongzheng Tailor Shop before becoming the Xinye Foreign Trade Mall. The location was officially designated as a city heritage site in 1997 and has been left vacant for the past two decades – a cultural gem waiting to rediscover its glorious past.

Driven by the passion and responsibility to revive this rich cultural heritage, Starbucks took on an unprecedented challenge to preserve the building’s original architecture and to restore the landmark to its full splendor, while infusing modern, creative elements that complement and give new life to the space. Working in collaboration with local historic preservation experts, it took three years of relentless effort by passionate Starbucks partners to navigate technical complexities and realize the vision for this ambitious project.

Customers can now admire up close the exquisite craftsmanship and grandeur of a bygone era, which include a majestic Greek style exterior façade and aesthetically breathtaking interior decorations, most notably a glass dome, imported marble columns and marble carvings. The original bank counters have also been fully preserved, allowing customers a peek into what a bank from a century ago looked and felt like. Meanwhile, creative use of bronze tubes ensured that no nail had to be struck into the columns when lighting was installed. Lighting and air conditioning systems were also ingeniously embedded into the glass dome.

“Beyond preserving the century old architecture in its fullest form, the Starbucks flagship store has also made creative use of its unique features,” said Mr. Luo Shuwei, famous historian and senior researcher from the Tianjin Academy of Social Sciences. “Starbucks partners have shown great passion and dedication to ensure that every design detail is in harmony with the original architectural style, to create a warm and welcoming ambience that is also filled with history.”

A reimagined coffee and tea experience comes to Tianjin

The flagship store is also where Tianjin’s cultural legacy meets Starbucks coffeehouse culture, in a powerful blend that elevates the third place experience to new heights. Customers can not only feel the richness of history, but also savor the world’s best coffees and experience the human connection imbued in coffee culture.

At the center of the main hall is a U-shaped Reserve Bar, where well-trained, certified Starbucks baristas expertly craft Starbucks Reserve coffees using different brew methods and equipment, such as the Siphon, V60 and Black Eagle. Customers may taste the extraordinary flavors of some of the world’s rarest, most exalted and most sought-after small-lot coffees – selected from more than 250,000 cups evaluated by Starbucks team of expert tasters every year, and roasted with meticulous care in the Shanghai Roastery. Often coming from remote and rugged places, with limited harvests from lots as small as a family backyard, each Starbucks Reserve coffee has its own story to tell, with different factors like soil, temperature, elevation, and the amount of rainfall and sunshine making each coffee unique.

The flagship store also features Tianjin’s first Bar Mixato and Starbucks® Teavana™ Bar. The premium Teavana™ Bar reimagines a modern tea experience, while demonstrating deep respect for thousands of years of tea tradition. It features beverages crafted using extraordinary ingredients in ingenious ways – customers may enjoy nitrogen infused teas, and the visual intrigue of the Steampunk brewing system, along with quality, brilliant tea leaves, blends and botanicals. A tea room is located at the far end of the bar, where customers may have a cup of Starbucks® Teavana™ tea while appreciating a tea inspired painting, a combination of tea and art to delight all senses.

Meanwhile, the store’s Bar Mixato offers over 30 options of Starbucks Reserve® cocktails, wines, and craft beers. Apart from popular pre-dinner and classic cocktails, the bar also features signature cocktails that creatively blend Starbucks® coffee and tea flavors, artfully mixed by Starbucks trained and certified bartenders. Paired delightfully with exquisite food offerings, they present a novel Starbucks third-place experience beyond customers’ imagination.

The House of Commons Select Exiting the European Union Committee has published a report into the consequences of “no deal” for UK business. FDF’s Tim Rycroft gave evidence to the committee on the disastrous consequences of a no-deal exit for food and drink manufacturing.

Tim Rycroft, Chief Operating Officer for the Food and Drink Federation said:

“FDF welcomes the findings in the Committee’s report. A no-deal exit from the EU would be disastrous for the UK’s food and drink industry, as we said in our evidence to the Committee.

“Within weeks it is likely that shoppers would notice significant and adverse changes to the products available and random, selective shortages. Limited shelf life products would face the most immediate risk.

“The run up to 31 October 2019 is particularly stark. Food and drink manufacturers will not be able to secure additional frozen and chilled warehousing space or logistics capacity for stockpiling, as the required space is already booked for the peak Christmas production period. Manufacturers will therefore have no spare production capacity or ability to store ingredients and finished products. UK food imports will climb from autumn onwards as fresh food stocks decline, so any ‘no deal’ disruption will have a major impact on availability.”

“Our industry employs 450,000 people and has a turnover of £104bn. Analysis released earlier this week by the UK Trade Policy Observatory found that no-deal would destroy £18.5bn of UK food and drink manufacturing, with grave consequences for UK consumers.”

Seattle – Starbucks Corporation (NASDAQ: SBUX) today announced its pioneering investment in the new Valor Siren Ventures I L.P. (VSV), which will serve as a growth driver for the next generation of food and retail start-up technology companies. Managed by Valor Equity Partners, a leading growth-focused private equity investment firm that was among the first investors in food technology, the new fund will identify and invest in companies that are developing technologies, products, and solutions relating to food or retail. These verticals are increasingly relevant to Starbucks as it seeks to support its world-class talent with an innovation agenda accelerated by external relationships.

The Starbucks $100 million cornerstone commitment to VSV is the first of its kind for the company, and the new fund will seek to raise an additional $300 million in the coming months from other strategic partners and key institutional investors. Separately, Starbucks will also explore direct commercial arrangements with these start-ups. Under the leadership of Kevin Johnson, Starbucks president and ceo, the company is growing with focus and discipline, embracing new ideas and innovations that are relevant to Starbucks customers, inspiring to its partners, and meaningful to its business.

“We believe that innovative ideas are fuel for the future, and we continue to build on this heritage inside our company across beverage, experiential retail, and our digital flywheel,” said Johnson. “At the same time, and with an eye toward accelerating our innovation agenda, we are inspired by, and want to support the creative, entrepreneurial businesses of tomorrow with whom we may explore commercial relationships down the road. This new partnership with Valor presents exciting opportunities, not only for these startups, but also for Starbucks, as we build an enduring company for decades to come.”

Antonio J. Gracias, Valor’s Founder, Managing Partner, and Chief Investment Officer said, “As experienced investors in food and retail technology, we are thrilled to partner with Starbucks, one of the most iconic and forward-thinking global brands. Under our partner Jon Shulkin’s leadership, we are incredibly excited to partner with Starbucks to drive innovation in the food and retail industries.”

Over its 20-year history, Valor’s team has worked with companies, principally in the consumer, engineered products, and services sectors. Examples of Valor’s investments in the food and retail technology space include goPuff, Fooda and Sizzling Platter, to name a few. Valor combines extensive entrepreneurial experience with operational and technical expertise to accelerate growth.

About Valor Equity Partners
Valor Equity Partners is an operational growth investment firm focused on control and non-control investments in high-growth companies across various stages of development. For decades, Valor has served its companies with unique expertise to solve the challenges of growth and scale. Valor partners with leading companies and entrepreneurs who are committed to the highest standards of excellence and the courage to transform their industries. For more information on Valor Equity Partners, please visit www.valorep.com.

About Starbucks
Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting high-quality arabica coffee. Today, with more than 30,000 stores around the globe, Starbucks is the premier roaster and retailer of specialty coffee in the world. Through our unwavering commitment to excellence and our guiding principles, we bring the unique Starbucks Experience to life for every customer through every cup. To share in the experience, please visit our stores or online at stories.starbucks.com and Starbucks.com.

Louisville, KY – Yum! Brands, Inc. (NYSE: YUM) today announced the promotion of David Gibbs, 55, to President and Chief Operating Officer, reporting to Chief Executive Officer Greg Creed. Gibbs, a 29-year veteran of the Company, has served as President and Chief Financial Officer for the last two years. In his expanded role as President and COO, Gibbs will assume operating leadership of global KFC Division as well as the U.S. and international businesses of Pizza Hut and Taco Bell, with the respective brand leaders reporting to him. Gibbs will retain his current Yum! Brands CFO role, title and responsibilities overseeing corporate strategy, finance, supply chain and information technology, while the Company conducts a search to identify a successor CFO.

“I’m happy to announce our promotion of David Gibbs to President and Chief Operating Officer. David is an extraordinarily talented commercial leader with a strong track record of results and deep experience in all three of YUM’s global brands,” said Creed. “He has been an invaluable strategic partner to me during a pivotal time for Yum! Brands, from the 2016 spinoff of the China business to driving the franchise operating, restaurant development and financial strategies that are reshaping KFC, Pizza Hut and Taco Bell into more focused, franchised and efficient businesses. As we enter the last year of our three-year transformation, the Yum! Brands Board of Directors and I are confident David’s expanded leadership will continue to shape the next wave of growth as we strive to build the world’s most loved, trusted and fastest-growing restaurant brands,” Creed added.

“I’m grateful for the opportunity to lead Yum! Brands in an expanded capacity, and look forward to partnering with Greg, our global leadership team and our franchisees,” said Gibbs. “The transformation we started in 2016 is already making Yum! Brands a stronger company, franchisor and investment. We’ve achieved our stated goal of 98 percent of our restaurants being owned and operated by franchisees by the end of 2018, and are on track to deliver on our commitments for the transformation. With three category-leading brands, a uniquely diversified global business and more than 48,000 restaurants, YUM is well positioned to accelerate growth and improve franchise unit economics by leveraging our massive scale and expanding our digital technology and delivery capabilities,” Gibbs added.

Yum! Brands CEO Greg Creed will continue leading the Company’s global growth strategy and culture. In addition to Gibbs, the following Yum! Brands leaders will continue reporting to Creed: Chief Marketing Strategy Officer Ken Muench; Chief Transformation and People Officer Tracy Skeans; General Counsel and Corporate Secretary Scott Catlett; and the successor CFO when hired.

Since joining in 1989, Gibbs has held a variety of leadership roles in all three of YUM’s global brands, including global strategy, finance, general management, operations and real estate. Most recently, he served as Yum! Brands President and Chief Financial Officer, and was the chief architect of Yum! Brands’ financial, refranchising and restaurant development strategy to transform the company into a capital-light, pure play franchisor. Previously, he was CEO of the global Pizza Hut Division, and President and CFO of Yum! Restaurants International, responsible for growing KFC, Pizza Hut and Taco Bell outside the U.S. and China, along with having general management responsibility for several international markets. Gibbs also served as Yum! Chief Strategy Officer during which time he revamped Yum! Brands’ global restaurant operations model, as Pizza Hut U.S. CFO and in various real estate and restaurant development leadership roles in KFC, Pizza Hut and Taco Bell.

About Yum! Brands
Yum! Brands, Inc., based in Louisville, Kentucky, has over 48,000 restaurants in more than 140 countries. The company’s restaurant brands – KFC, Pizza Hut and Taco Bell – are global leaders of the chicken, pizza and Mexican-style food categories. Worldwide, the Yum! Brands system opens over eight new restaurants per day on average, making it a leader in global retail development. In 2018, Yum! Brands was named to the Dow Jones Sustainability North America Index and ranked among the top 100 Best Corporate Citizens by Corporate Responsibility Magazine. In 2019, Yum! Brands was named to the Bloomberg Gender-Equality Index for the second consecutive year.

TORONTO – Today, Starbucks Canada announces the launch of Starbucks FoodShare, a national effort to provide nourishing, ready-to-eat meals to people in need. The company is making a commitment to rescue 100 percent of food available for donation from its more than 1,100 company-owned stores. Building on a successful pilot with Second Harvest, the largest food rescue organization in Canada, the program will launch in Ontario starting with more than 250 stores in the GTA by February 22. Starbucks is actively working to expand the program to even more cities and provinces, with a goal to have a national solution in place by 2021.

“Wasted food is a wide-scale problem for everyone in the food business, while more than 4 million Canadians are impacted by hunger,” says Luisa Girotto, vice president, Public Affairs, Starbucks Canada. “This is unacceptable, and we will help solve this now that we have a way to safely donate chilled, perishable food, while preserving its quality.”

A Focus On Food Recovery

In Canada, the company has always donated unsold pastries and baked goods but wanted to do more.

Starbucks invested in research and quality assurance testing to develop a sector-leading program to safely donate chilled and perishable food to those in need. Now, nourishing items like breakfast sandwiches, paninis, protein boxes, salads, yogurt, milk and dairy alternatives like soy and coconut, can be safely donated and enjoyed by those in need.

Starbucks FoodShare has identified guidelines and developed training on maintaining the temperature, texture and flavour of this food, so that when it reaches a person in need, they can safely enjoy it. In turn, Second Harvest will work with local community groups across the province who will collect the food to ensure these food safety standards are met.

“We’re thrilled to partner with Starbucks to support food recovery in local neighbourhoods to ensure people have the food they need to be healthy while also making a positive impact on the environment,” says Lori Nikkel, CEO of Second Harvest. “We all have a part to play in reducing the social and environmental costs of food waste and it’s great to see Starbucks taking a leadership role.”

A Positive Impact On The Environment

In addition to combatting hunger, the Starbucks FoodShare program will divert food surplus from landfills, helping to minimize the company’s environmental footprint. The amount of food wasted each year is particularly staggering. In Canada, it is estimated that nearly 60 percent of all food produced is lost and wasted annually, according to a recent study titled The Avoidable Crisis Of Food Waste. To limit the effects of climate change, the United Nations has set a target of halving food loss and waste by 2030.

The movement to donate unsold food has been gaining momentum globally, with consumers showing increased concern for the greater issue of waste. Starbucks recognizes the work ahead and plans to build on its long history of sustainability by:

Achieving 99 percent ethically-sourced coffee
Offering a discount to any customer who brings a reusable cup or tumbler to company-owned stores around the world
Introducing a strawless lid and eliminating plastic straws globally by 2020
Founded NextGen Cup Challenge and invested $10 million to bring a fully recoverable hot and cold fibre cup to a global scale
Starbucks cups contain 10 percent post-consumer fibre, which was introduced in 2006 and the company expects to double this number by 2022
Building more than 1,500 LEED® (Leadership in Energy and Environmental Design) certified stores in 20 markets, including Canada
Starbucks purchases Renewable Energy Certificates, currently covering 62 percent of our electricity usage globally, with a goal of reaching 100 percent globally by 2020

About Second Harvest

Second Harvest is Canada’s largest food rescue organization and an expert in perishable food recovery. We work with hundreds of businesses across the food supply chain to reduce the amount of surplus, edible food going to waste, which in turn stops millions of pounds of greenhouse gases from damaging our environment. The food Second Harvest recovers is redirected to social service organizations and schools, ensuring people have access to the good food they need to be healthy and strong. Second Harvest continually innovates food recovery methods and shares expertise internationally to create a better future for everyone. www.SecondHarvest.ca

About Starbucks
Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting high-quality arabica coffee. Today, with stores around the globe, the company is the premier roaster and retailer of specialty coffee in the world. Through our unwavering commitment to excellence and our guiding principles, we bring the unique Starbucks Experience to life for every customer through every cup. To share in the experience, please visit us in our stores or online at www.Starbucks.ca.

BALI, INDONESIA (January 12, 2018) – Today, Starbucks (NASDAQ: SBUX) celebrates the journey of coffee from seed-to-cup by opening its largest destination in Southeast Asia – the Starbucks Dewata Coffee Sanctuary. The one-of-a-kind Coffee Sanctuary demonstrates Starbucks Indonesia’s coffee leadership in partnership with licensee PT Sari Coffee Indonesia, building upon 16 years of innovation in design, customer experience and community impact. The store pays tribute to the important role that Indonesia, the fourth largest Arabica coffee growing region in the world, plays in bringing Starbucks customers the highest quality coffees, including the popular single-origin coffee from Sumatra. Sumatra coffee has been a staple offering at Starbucks since 1971.

“We began sourcing Indonesian coffees more than four decades ago and have always been struck by the sense of community and care for the coffee journey at every step,” said Kevin Johnson, ceo, Starbucks Coffee Company. “The Starbucks Dewata Coffee Sanctuary amplifies our passion for the coffee journey, our ongoing commitment to Indonesia’s rich coffee culture, and our tireless pursuit of fostering moments of connection between our partners and customers. The Coffee Sanctuary marks the tenth Starbucks Reserve Bar store in Indonesia, one of 185 stores around the world, with the majority in Asia. This is Starbucks at its best, and we are proud to open the doors of this unique experience in one of Southeast Asia’s most dynamic markets.”

Designed as a coffee sanctuary, the expansive 20,000 square foot store beautifully highlights local craftsmanship and culture alongside premium coffee in this one-of-a-kind coffee experience, a sort of “origin-centered version” of the Roasteries, igniting all five senses. Visitors enter through an Arabica coffee farm, try their hand at coffee bean de-pulping and washing during harvest season, dry and rake green coffee beans, visit budding seedlings in the nursery, take in the store’s locally-inspired design featuring traditional Balinese craft and Indonesian art, and enjoy the more than 100 Dewata-exclusive handcrafted beverages, food and merchandise, including the Lavender Latte.

“Bali has an envied reputation as one of Asia’s top travel destinations and Indonesia is one of coffee’s most extraordinary coffee origin regions, so we’re excited to invite customers here to ignite their senses and explore the seed-to-cup coffee journey at this unique Coffee Sanctuary,” said Anthony Cottan, director, Starbucks Indonesia, at PT Sari Coffee Indonesia Limited. “We’re very pleased to further strengthen the longstanding partnership between Starbucks and PT Sari Coffee Indonesia with this truly one-of-a-kind Starbucks store, inspired by and filled with the finest examples of Indonesian art, design and craftsmanship.”

A Sensory Coffee Journey
Located in Bali’s up-and-coming premium retail district on Sunset Road, the Coffee Sanctuary provides a carefully curated series of interactive experiences.

As customers enter, they’ll be greeted at the concierge reception and then guided through a working, 1,000 square foot coffee tree farm, the size of a typical Indonesian farm. Customers will continue their journey through contemporary Balinese landscaping, passing coffee plants and a de-pulping station before trying their hand at washing, drying and raking green coffee beans. Inside, the expansive Reserve bar offers customers an intimate experience to taste Starbucks Reserve small-lot coffees, while the core bar offers Starbucks signature core beverages.

Located on the second floor is the seedling nursery, a greenhouse canopied by panes of glass to create an open-air experience. Here, customers can touch the first stages of the seed-to-cup journey, as well as deepen their understanding of the art of tending to coffee plants alongside a local Balinese farmer. In the adjoining tasting room, customers’ tastebuds will come alive as they enjoy coffee as coffee quality professionals do, without a filter – simply coffee and water – to draw out the flavors that set each cup apart.

For those looking for more, visitors can engage with an interactive video wall and hear how coffee is planted, processed, roasted, shipped and brewed into a delicious cup of espresso. On the second floor, a dedicated media room features two synchronized video walls, showcasing the work of the Starbucks Farmer Support Center (FSC) in Sumatra and agronomist, Dr. Surip Mawardi’s, work with Indonesian coffee farmers.

Connecting to Coffee Through Local Design
The Sanctuary was designed as an homage to Indonesia’s rich culture and coffee heritage. The store’s expansive interior was inspired by traditional Balinese houses with free-flowing, connected rooms that promote discovery from one space to the next.

The store’s interior was designed in partnership with local craftspeople and artists with one goal: tell the story of coffee in Indonesia. This is brought to life by a wood carving depicting the country’s six coffee growing regions’ local culture and architecture. A two-story mural in the courtyard pays tribute to local farmers who carefully nurture and protect the beans each step of their journey to Starbucks.

On the main floor, Starbucks partners (employees) welcome customers to the 13-meter teak Reserve bar, drawing inspiration from Bali’s terraced rural landscapes, where customers can taste some of Starbucks rarest coffee offerings. Across the store, eyes are drawn to the living wall filled with flora from the region, situated behind the core bar designed to remind customers of Bali’s ocean waves which are replicated on the layered red-brick exterior façade.

Starbucks Commitment to Coffee Communities
Starbucks is dedicated to working with farmers in Indonesia to ethically and sustainably bring high-quality Indonesian coffee to the world, and today, the company is the largest buyer of Indonesian arabica coffee.

In 2015, Starbucks opened the Farmer Support Center in Berastagi, North Sumatra where Starbucks agronomists led by Dr. Mawardi, conduct research to develop disease-resistant coffee varietals in an effort to make coffee the world’s first sustainable agricultural product through the Sustainable Coffee Challenge. The Sumatra FSC is one of nine globally, including China, which offers open-source agronomy assistance and support for regional coffee farmers to improve the productivity and sustainability of their coffee trees.

Starbucks Indonesia and the Sumatra FSC have donated more than 330,000 coffee seedlings, along with technical assistance, to smallholder farmers to-date. Through locally driven initiatives to support coffee tree replanting, Starbucks plans to donate 100,000 seedlings annually in partnership with FSC.

Since 2006, The Starbucks Foundation has provided more than $4 million dollars to support farming communities and promote education, water, sanitation and health (WASH) programs across Indonesia. In 2018, The Foundation provided grants to Lutheran World Relief to support women-led community health and hygiene programs for 2,100 households in Sumatran coffee-producing villages over the next three years and to CARE to support economic empowerment for women tea workers and community WASH programs in West Java over the next two years.

Today, Starbucks Indonesia delivers the Starbucks Experience across 370 stores where nearly 4,500 partners proudly wear the green apron. The Dewata Coffee Sanctuary marks the first Starbucks Reserve Bar in Bali and its tenth in Indonesia as Starbucks continues to elevate the coffee journey for customers across the market.

About Starbucks
Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting high-quality arabica coffee. Today, with more than 25,000 stores around the globe, Starbucks is the premier roaster and retailer of specialty coffee in the world. Through our unwavering commitment to excellence and our guiding principles, we bring the unique Starbucks Experience to life for every customer through every cup. To share in the experience, please visit our stores or online at news.starbucks.com and Starbucks.com.

About PT. Sari Coffee Indonesia
PT. Sari Coffee Indonesia is made possible through the relationship between Starbucks Coffee International and PT Mitra Adiperkasa, one of the most renowned department store and branded goods companies in the country. It is also the sole company exclusively licensed to set up and operate Starbucks® stores in Indonesia.

The new Starbucks Reserve Roastery in New York is designed to be a sleek, inspiring coffee extravaganza in the heart of the city’s vibrant meatpacking district.

Locals and tourists alike pass through the historic, ultra-hip neighborhood in droves on their way to or from work, museums, shopping, the Chelsea Market and the High Line, and the Roastery offers them a place to stop in, to stay for hours or to visit after hours for a coffee or tea-infused craft cocktail. There’s a working coffee roaster, freshly made Princi baked goods, an expansive mezzanine bar with adventurous craft cocktails, a surprise terrarium, a Starbucks Siren emerging from sculpted metal water – the list goes on.

So where to start? We’ve got you. Here are 10 things to look for when visiting the New York Roastery, opening Friday.

1. A New York state of design
NYC Roastery

The New York Roastery is opening its doors on the street level of a new nine-story office building designed by architect Rafael Vinoly in the heart of Manhattan’s vibrant meatpacking district (more on the neighborhood later).

“The really striking quality of the building itself is that it’s made up of these beautiful, rigid squares and rectangles, pushed and pulled. Where they are pulled in it becomes a terrace and it makes these little gardens,” said Jill Enomoto, a design director at Starbucks. “We fell in love with the geometry of the building and riffed off that idea.”

Inside, the Roastery ceiling features an “undulating ocean” of squares and rectangles inspired by the building’s exterior and by the grid of New York City blocks outside. The ceiling also features a network of twisting, subway-like “symphony pipes” through the freshly roasted beans travel (making the tinkling sound of rain along the way) to their ultimate destination – silos at the main bar, or the take-home scoop bar.

The New York-inspired design isn’t just symbolic. It’s practical as well, down to the window ledges that can be used as seats or tables by city goers accustomed to crowds and using every available space to sit or hang. There’s also a fireplace.

“It gets cold in Manhattan, but people are not scared. Even if there’s a blizzard, they walk, they go out,” said Liz Muller, chief design officer and senior vice president of Starbucks. She and her team led the design of New York Roastery and the three other Starbucks Roasteries in Seattle, Shanghai and Milan. “New Yorkers are out more than they’re in. They are out eating and meeting and this can be their true Third Place. You can have a party here. You can meet your love here. You can come here on your own. You can come here when you’re visiting the neighborhood. You could come here as your daily ritual. I think this does a little bit of all of that, and it is very much New York.”

2. The Siren emerges
NYC Roastery

Each Roastery features a unique art piece to bring the centerpiece of the Starbucks logo to life, and in New York, a 10-foot, 2,000-pound copper Siren will keep watch over the new space. Designed to appear as if she is emerging from water, the New York Roastery’s Siren was created by Brooklyn artist Max Steiner, who collaborated on the metal forging with Polich Tallix foundry in Rock Tavern, N.Y.

“Every Roastery has to have her, and this Siren is very unique, and very New York,” Muller said. “She’s the overarching beacon of our brand.”

3. Built for bustle
NYC Roastery

It can be a challenge for designers to create a stylish and functional space that is also built to withstand heavy use over time. Starbucks worked with longtime collaborator BassamFellows on the design of an exclusive suite of walnut furniture for the New York Roastery. It’s beautiful furniture with a classic yet modern American style – and also sturdy, Muller said.

“The furniture has to look great but also perform like a truck,” Muller said. “It’s perfect for this location, which I know will be busy.”

4. A tiny corner of Costa Rica
NYC Roastery

The cellar level features a first for a Roastery, a terrarium inspired by Hacienda Alsacia, the Starbucks coffee farm in Costa Rica. The lush vegetation includes coffee plants, ferns and

philodendrons common to Costa Rica. A company called Furbish in Baltimore created the terrarium; the team there has been cultivating and curating the plants for about six months before installing them in the Roastery. “It’s a beautiful surprise down there,” Enomoto said. “You could be wandering around and end up in a pocket of Costa Rica.”

5. The journey of the green bean
NYC Roastery

The New York Roastery features the largest fully-operational coffee roasting plant on the island of Manhattan, which will roast more than 1.5 million pounds of coffee per year. Each Roastery features a custom cask, the large container used to hold freshly roasted beans as they rest before being used in beverages, and New York is no exception. New York’s cask is a 30-foot sleek, hammered copper cask fabricated and installed by A. Zahner, an internationally known engineering and fabrication company best known for the use of metal in the world of art and architecture.

The roasting process at the New York Roastery includes a few other nods to its home in the city’s historic meatpacking district. The bags of green coffee beans will make their way up from the cellar via hooks on a conveyer, where they will be cut open and the green beans will fall into a copper vessel and begin their journey to roasting.

6. A neighborhood buzzing with past and future
NYC Roastery

The New York Reserve Roastery is located in the heart of the meatpacking district, a vibrant neighborhood on the west side of Manhattan that was historically a hub of industry and manufacturing, including meatpacking. The district is now home to the Whitney Museum of American Art, a hopping restaurant scene, a number of high-end retailers and the popular High Line, a section of obsolete railroad tracks that were redeveloped as a park and walking trail in 2009.

“The meatpacking district has become this incredible place of food and taste,” Muller said. “We wanted an experience that meets and adds inspiration to this fantastic neighborhood. Something for people to do as they’re coming out of the subway or off the High Line or out of the Chelsea Market. Something to make people say, ‘Wow.’”

The new Roastery is across the street from Chelsea Market, a shopping and food mall in the factory where Oreo cookies were invented and once produced.

“The neighborhood has so much energy,” Enomoto said. “The thing that excites me the most is that we’re an operational coffee roasting plant in a neighborhood with a fantastic history of industry. So we’re using it as it’s historically been used but bringing this really incredible experience along with it. There’s tradition and history all around us and a fantastic mix of locals and tourists.

7. You have arrived
NYC Roastery

Arriviamo means “we have arrived” in Italian, and visitors to the Roastery will arrive to find a 60-foot mixology bar on the mezzanine. The Arriviamo Bar, which Muller said will be the longest mixology bar in any Roastery, is front and center on the space’s mezzanine and can be viewed from every corner of the Roastery. “We knew if we were opening a bar in this neighborhood, it had to be among the best, and this is truly a statement,” Muller said. “I want to have my party there.”

8. Fancy a drink?
NYC Roastery

Inspired by the Arriviamo Bar in the Milan Roastery and the tradition of the Italian aperitivo (early evening social cocktails paired with small bites), the Arriviamo Bar in New York City features an assortment of traditional and unique cocktails ranging from classics like Aperol Spritz to coffee- and tea-inspired creations. The bar menu was concepted by award-winning mixologist Julia Momose.

“Opening a bar with beautiful wine and drinks is one thing, but we’re taking what we know best, coffee and tea, and using that to elevate everything,” Muller said. “The unique drinks, the glassware – it will be an experience to open your palette and your mind to new tastes and combinations.”

Her current favorite: The Nocino Notte, an adventurous take on the classic Negroni with Starbucks Reserve Cold Brew, Pine Barrens Barrel Reserve Botanical Gin, Gran Classico Bitter, Don Ciccio & Figli Nocino and black truffle salt.

9. A beautiful bakery experience
NYC Roastery

As if the smell of freshly roasting coffee weren’t enough, at the New York Roastery it will mingle with freshly baked bread from Princi. Princi was founded by baker Rocco Princi in Milan, and is now the exclusive food purveyor in Starbucks Roasteries. Teams of bakers will spend each day pulling artisanal baked goods, both savory and sweet, from the cast-iron ovens.

“There’s a glorious display counter with bakery items, salads and desserts, and you can stand outside on the street and see bakers taking fresh bread from the ovens through the window,” Muller said. “It’s a really beautiful bakery experience.”

10. The inside scoop
NYC Roastery

Customers can visit the Roastery’s “scoop bar” to take home some bags of some of the 14 rotating, freshly roasted coffees from farms around the world.

“In true mercantile tradition, we wanted to make sure we showed the customer what we were trading,” Muller said. “The scoop bar features a vintage hanging scale to celebrate the tradition of the neighborhood and nine beautiful coffee bean silos in the window that will be manually filled each morning, so you’ll be able to walk by and say, ‘Wow, they’ve got Colombia and Brazil today.’”

Springfield, Mass. – MGM Springfield, New England’s first integrated luxury resort, officially opened its doors today. The resort combines the excitement and energy of Las Vegas with the rich historical context of Springfield, a city steeped in innovation and the arts.

“Travelers seeking authentic, local experiences are rediscovering small cities across the U.S. that fuse small-town charm with the allure of big-city culture,” said Jim Murren, Chairman and CEO of MGM Resorts. “With a 375-year legacy as a major crossroads of New England, Springfield is poised to join the likes of such hidden gems with the development of MGM Springfield leading a fresh wave of rediscovery in The City of Firsts.”

Inspired to drive curiosity in local heritage for a new wave of locals and visitors, MGM Springfield’s design team incorporated architectural landmarks and hundreds of locally sourced vintage treasures into the resort. From recasting the former hotel to Presidents Polk and Buchanan into a sophisticated steakhouse to restoring a 19th century arsenal and a High Gothic-style church, the development thoughtfully merges new building with historic architecture, with a resulting aesthetic that is distinctly Springfield.

Covering three city blocks in the heart of downtown, the resort features whimsical accommodations with nods to notable locals Theodor Geisel (Dr. Seuss) and Emily Dickinson; recognized-chef restaurants by James Beard Award-winning chef Michael Mina and Adam Sobel, and Hell’s Kitchen Season 14 winner Meghan Gill; innovative lounges; a seven-screen luxury Regal Cinemas; 10-lane bowling alley within TAP Sports Bar; a Topgolf® Swing Suite; a serene spa; an expansive public art collection; A-list entertainment; and an open-air plaza activated daily with live music, pop-up-art galleries, food trucks, events and more.

The opening follows two days of festivities at the resort. Massachusetts Governor Charlie Baker, Mayor Domenic Sarno, Congressman Richard Neal and Gaming Commission Chairman Stephen Crosby joined MGM Resorts Chairman and CEO Jim Murren and MGM Springfield President Mike Mathis yesterday to commemorate the occasion and celebrate the 3,000 jobs created with the resort’s opening.

Governor Charlie Baker said, “Our Administration is excited to officially welcome MGM to Springfield and we look forward to the new economic and job opportunities this project will help bring throughout the region. This project is a major investment in the workforce and economy of Western Massachusetts and also will provide support to several important partnerships between education centers and community organizations.”

As a surprise during the opening week, actor Mark Wahlberg stopped by to announce that he will be bringing his family’s famed Wahlburgers to the resort. It will be located on the corner of Main and Union Streets on the southeast corner of the MGM Springfield campus, and is expected to open in late 2019.

This morning, thousands of eager visitors lined Main Street to enjoy a celebratory procession featuring hundreds of MGM Springfield employees, Cirque du Soleil performers, The Minutemen UMASS Marching Band, Indian Motorcycles, Springfield Mayor Domenic Sarno, MGM Springfield executives, community partners and the Budweiser Clydesdales.

Springfield Mayor Domenic Sarno said, “I am proud and thankful of MGM’s nearly $1 billion belief, investment and partnership with our city. Here’s to continued success!”

A glimpse into MGM Springfield:

** For in-depth information on MGM Springfield’s amenities, visit the newsroom.**

Accommodations. MGM Springfield features 250 guestrooms including 16 suites. Design details—including factory-style paned glass and Edison bulb fixtures—harken to Springfield’s industrial roots, while eclectic artwork evokes the locale’s creative iconography, visually referencing Emily Dickinson and Dr. Seuss – such as the 1,600-square-foot Presidential Suite’s stunning hat chandelier inspired by the 500 Hats of Bartholomew Cubbins. Room reservations can be made via mgmspringfield.com. Nightly room rates start at $219.
Gaming. Massachusetts’ first gaming resort, MGM Springfield’s 125,000-square-foot casino floor features 2,550 slot machines, 120 gaming tables, a poker room and high-limit VIP gaming lounge.
Food & Beverage. A downtown epicurean destination, MGM Springfield offers an array of new-to-market concepts and celebrated-chef restaurants, including Italian coastal concept Cal Mare by James Beard Award-winning Chef Michael Mina and Chef Adam Sobel; fine steaks and seafood at The Chandler Steakhouse with Hell’s Kitchen season 14 winner Meghan Gill serving as executive chef; MGM’s signature TAP Sports Bar; and South End Market, a lively modern food hall boasting six casual and convenient eateries.
Entertainment. The 8,000-seat MassMutual Center will host world tours from top artists to town beginning with Stevie Wonder on September 1. High-energy social elements like the region’s first public Topgolf Swing Suite, luxury Regal Cinemas, and TAP Sports Bar complete with a 10-lane bowling alley and arcade, bring a fun lineup of activities for all generations to downtown Springfield. The Plaza serves as an outdoor gathering space hosting interactive events designed to foster community engagement such as Beer Yoga, a pop-up art gallery by Springfield muralist John Simpson, seasonal activations and more.
Nightlife. The art of mixology is a definitive experience across the resort at destination venues including Lobby Bar, Knox Bar and Commonwealth. From expertly crafted classics to creative libations, each beverage menu spotlights freshly pressed juices, house-made elixirs and locally sourced ingredients. Destined to be Springfield’s newest hot spot, Commonwealth Bar and Lounge features DJs or live entertainment nightly and is home to the $25,000 Indian Sidecar – made with a rare 1901 Croizet Cognac and includes an authentic Indian Motorcycle.
Art & Culture. Drawing inspiration from the city’s legacy rich in art and culture, MGM Springfield features a curated collection from local and national artists. From large-scale sculptures to intriguing paintings, talent is displayed through dozens of commissioned and procured works throughout the resort. Mia Pearlman’s The Flying Tidings Whirled sculpture commemorates the resilience of Springfield following the devastating 2011 tornado, while contemporary artist Jeppe Hein’s bright red Bench of Expectation catches the attention of passersby in The Plaza with its winding loops and slides, inviting them for a sit or to marvel at its creativity.
Spa & Pool. Guests and locals needing to recharge can find indulgence at MGM Springfield’s full-service spa complete with seven treatment rooms, couples’ suites and a warm design inspired by New England’s signature maritime style. A separate salon for men and women hosts an in-house barbershop – with a chair dedicated to Springfield Mayor Domenic Sarno’s dad, a longtime local barber. An 8,000-square-foot pool provides a summertime urban escape.
Retail. MGM Springfield’s retail lineup includes Springfield-born Indian Motorcycle’s first-ever apparel boutique alongside regionally revered brands Hannoush Jewelers and Kringle Emporium, whose new flagship is located in the former French Congregational Church, originally built in 1887 and moved 600 feet to its new home.
Meetings & Events. With approximately 34,000 square feet of versatile space, MGM Springfield’s meeting and event center features ballrooms, meeting rooms and boardrooms adjacent to a 6,200-square-foot outdoor terrace that floods pre-function areas with natural light. For indoor-outdoor space with a historical twist, guests can host events in the resort’s castle-like Armory, which was built in 1895 and restored to its current spectacular state by the MGM Resorts’ design team.
From the Basketball Hall of Fame — a shrine to the sport in its founding locale, to The Amazing World of Dr. Seuss Museum — Springfield is home to unique and unexpected cultural attractions. MGM Springfield is surrounded by landmarks such as HH Richardson Courthouse and City Hall, counting the riverfront, MassMutual Center, Symphony Hall and Union Station among its prestigious neighbors. The central downtown location allows guests to explore spontaneously or navigate a more robust travel experience aboard The Loop, a new free-to-ride transportation service linking downtown tourist spots, hotels, restaurants and cultural districts. Opening today in conjunction with the resort, The Loop connects Springfield’s most iconic sites including Union Station, State Armory, Springfield Museums, Naismith Memorial Basketball Hall of Fame and MGM Springfield.

Located just 80 miles west of Boston with immediate access to Interstate 91 and the Mass. Pike, as well as nearby Bradley International Airport in Hartford, Conn. and the Amtrak-serviced Union Station, MGM Springfield is well connected and will be easily accessible to local and global travelers.

For additional information and high-resolution images of MGM Springfield, please visit the MGM Springfield digital newsroom or follow on Facebook and Twitter.

About MGM Resorts International
MGM Resorts International (NYSE: MGM) is an S&P 500® global entertainment company with national and international locations featuring best-in-class hotels and casinos, state-of-the-art meetings and conference spaces, incredible live and theatrical entertainment experiences, and an extensive array of restaurant, nightlife and retail offerings. MGM Resorts creates immersive, iconic experiences through its suite of Las Vegas-inspired brands. The MGM Resorts portfolio encompasses 28 unique hotel offerings including some of the most recognizable resort brands in the industry. Expanding throughout the U.S. and around the world, the company opened MGM Cotai in Macau in February 2018. It is also developing MGM Springfield in Massachusetts and debuting the first international Bellagio branded hotel in Shanghai. The 78,000 global employees of MGM Resorts are proud of their company for being recognized as one of FORTUNE® Magazine’s World’s Most Admired Companies®. For more information visit us at www.mgmresorts.com.

Hualien City, TAIWAN – Starbucks Taiwan opened its first store in Asia Pacific built from recycled shipping containers. The new Starbucks is the first retailer to open a storefront in the yet-to-be opened Hualien Bay Mall, which is located in a tourist destination known for its cuisine and beautiful landscape facing the Pacific Ocean.

This drive thru location is built to meet customer needs, both today and in the long-term. It offers the convenience of Starbucks drive thru for customers on-the-go on Nanbin Road, but also continues Starbucks 30-year history of sustainability by recycling 29 used shipping containers to form the store’s structure. It’s 320 square meters and two stories tall.

This unique exterior design was envisioned and brought to life by the famed Japanese architect, Kengo Kuma, who has also built Starbucks Japan’s Fukuoka store and is the exterior architect for the upcoming Starbucks Reserve Roastery in Tokyo. This is the first time Kuma has used shipping containers for his designs and was inspired by the foliage of coffee trees combined with the traditional Chinese bucket arch. The stacking of the shipping containers created a much taller space and provides natural sunlight through the various skylights found throughout the structure.

Inside the geometric space, customers find a tribute to the cultural vitality of Hualien. The brightly colored wall mural represents the aboriginal Amis peoples with deep heritage in the City.

The store is designed to help bring people together over coffee. Inside, the containers feature create warm and comfortable seating areas for customers. From one end of the container, customers can enjoy views of the beautiful mountain range. The other end is decorated with graphics that tell coffee stories.

Starbucks is committed to building sustainable stores and recently announced the “Starbucks Greener Stores” initiative which will be a framework to design, build and operate sustainable stores around the world. Today, this store joins a suite of Starbucks locations built from shipping containers. In the US, Starbucks has opened 45 of these pre-fabricated modular stores, built off-site prior to delivery and installation, creating an opportunity for the company to extend into sites not designed for traditional store locations while minimizing the environmental footprint generally associated with new buildings. Through these store formats, Starbucks is able to reuse reclaimed materials throughout the design.

About Starbucks
Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting high-quality arabica coffee. Today, with more than 25,000 stores around the globe, Starbucks is the premier roaster and retailer of specialty coffee in the world. Through our unwavering commitment to excellence and our guiding principles, we bring the unique Starbucks Experience to life for every customer through every cup. To share in the experience, please visit our stores or online at news.starbucks.com and Starbucks.com.

MILAN – Present day, Starbucks is a well-known destination for community and coffee craft. But long ago, the vision for what would become 28,000 stores worldwide was first inspired by Italy. This week, that dream comes back to where it was born when the doors to the first Starbucks in Italy open on Friday morning – the Reserve Roastery in Milan.

This isn’t just any Starbucks store. It couldn’t be, not if it was going to truly pay homage to the Italian culture that inspired the brand. It had to be one of the grandest Starbucks ever.

The Milan Roastery is housed in a historic former post office in Palazzo delle Poste, a bustling city square along the stylish Piazza Cordusio. Outside its doors, some of Milan’s most postcard-inspiring spots are within a few blocks – the towering Duomo di Milano, the soaring light and glass of Galleria Vittorio Emanuele II and Teatro alla Scala, the most famous opera house in the world.

It’s the third Roastery in the world, after Seattle, which opened in 2014, and Shanghai, which opened in 2017. The Milan Roastery will offer locally roasted, small-lot Arabica coffee sourced from 30 countries, and freshly baked, artisanal food from local baker, Rocco Princi.

The opening also offers a full-circle moment for both Howard Schultz, chairman emeritus of Starbucks, and the newest partners alike – a crescendo steeped in sacrifice, tears, passion and the kind of lore rarely found outside Italian opera.

Presentando the Milan Roastery in seven acts, un’opera verisimo.

Starbucks Reserve Roastery MilanRoasters load green coffee beans into the complex system that moves coffee through the roasting process at the Starbucks Reserve Roastery in Milan, Italy.

Act I: The aria
Howard Schultz has had a song playing in his head for the last 35 years.

Earlier this week, that song – “Nessun dorma,” an aria from the final act of Giacomo Puccini’s opera “Turandot” – echoed through the new Starbucks Reserve Roastery in Milan.

As the orchestra in the recording swelled for tenor Luciano Pavarotti, Schultz turned slowly in place, his eyes moving over everything in the room – the vibrant green Scolari coffee roaster and the floor-to-ceiling, engraved brass wall depicting the company’s story. The Tuscan marble and the gleaming copper pipes. The handful of company leaders and partners watching respectfully from a distance. The past and the future.

Schultz’s first visit to Milan in 1983 had a profound impact on him. He was deeply impressed by the city’s art, fashion, music, culture and architecture, of course, but also Italy’s espresso culture, where family, friends and colleagues meet daily for espresso or cappuccino at welcoming, casual neighborhood bars. The then-fledgling coffee entrepreneur returned home to the four Starbucks stores in Seattle, which at the time only sold whole-bean coffee to brew at home, inspired and determined to build a company with the same nucleus of warmth, community and human connection. Now, humans connect at Starbucks in 78 countries around the world, and Schultz is standing in Italy’s first store, the completion a full circle 35 years in the making.

The new Roastery was designed by Liz Muller, Starbucks chief design officer, to be the physical embodiment of this journey – a tribute to the Italian coffee culture that helped shape Starbucks and a celebration of everything the company has learned over the years about the art and science of coffee.

Starbucks Reserve Roastery MilanLiz Muller, chief design officer, and Howard Schultz, chairman emeritus of Starbucks, are serenaded by partners in the Starbucks Reserve Roastery in Milan, Italy.

Inside, the space is a masterwork of light, color and uniquely Italian artistry and materials, from the hand-carved, Carrera marble siren in the portico to the hand-chiseled palladiana flooring. Outside, on its leafy, distinctly European terrace, customers can sit inside massive, bronze bird cages.

On his way out for the evening, Schultz – who stepped down from his role as company chairman in July – paused on the steps of the historic building and gazed back at the Starbucks Reserve Roastery signs hanging between its columns.

“What can I say?” he said quietly, smiling and shaking his head.

Act II: The grandmothers
For Italians, the topic of coffee will inevitably return to grandmothers.

Giampaolo Grossi, general manager of the new Starbucks Reserve Roastery in Milan, grew up in Florence. After his mother died of cancer when he was 6 years old, his grandmother helped raise him.

“Coffee means a sense of connection we love, which reminds me of my grandmother, who for me was like a mother,” Grossi said. “I remember my close friend came to my house and had lunch with father and grandmother. At end of lunch, she said, ‘Do you want a coffee?’ And she made it perfect, like in a restaurant or English bar at tea time, good coffee with saucers, spoons and sugar served in pot. I remember saying, ‘Hey, nana, please, I don’t want you to stress or have more jobs, this is my close friend.’
She clucked and shook her head. In this house, she told her grandson, we serve coffee right.

“That’s what we want to do at the Roastery – create a connection with every cup of coffee,” Grossi said. “Sometimes for people the good experience will be walking in quickly, and sometimes it will be to spend hours here and try something new. It is possible we’re going to make mistakes. We cannot mistake welcome. We cannot mistake being happy and having fun. I will not accept that,” he said. Behind him, the Roastery’s bright green clacker board, made by Italian display manufacturer Solari, flips through letters to share the names of the coffee varieties currently available.

“We may make the mistake of the wrong coffee, or the wrong food, but not the wrong attitude,” he continued. “It’s the sense of connection we love most.”

Up a sweeping staircase on the Roastery mezzanine is Arriviamo Bar, inspired by the Italian tradition of aperitivo – early evening social cocktails paired with small bites. Arriviamo Bar features classic Italian favorites such as the Aperol Spritz and Negroni, but also a full menu of craft cocktails, some of which feature cold-brew coffee.

Starbucks Reserve Roastery MilanStarbucks partner Carlo Marchelli at the Arriviamo Bar in the Roastery.

Carlo Marchelli is standing behind the 30-foot marble bar, carved from a single block of Calacatta Macchia Vecchia, making one of the bar’s signature drinks. The spirit-free beverage includes a house-made lemon-orange cordial, tea, cold-brew coffee, Mediterranean tonic water and it is garnished with a flower and orange.

“It’s a very special drink, and it’s very interesting. It represents the Roastery well because it’s layered. You can drink it layer by layer from bottom to top, or you can stir it all up,” Marchelli said. “Here, you can have an espresso and go, or stay three hours and have gelato and a cold brew and an aperitivo and everything.”

Marchelli said his grandparents own a house in the Cottian Alps that run between Italy and France, and the best memories of his life are the summers he spent there when he was in school.

“Coffee is memories. In Italy, everyone always says to you when they smell coffee, ‘Oh, I remember my grandma’s house.’ Everyone. Because coffee in Italy is like a dish. There’s first plate, second plate, dessert and then coffee,” Marchelli said. “You have to have it. It’s mandatory.”

Marchelli’s grandmother made coffee for him, too — in a stovetop Moka pot. Now, when Marchelli hosts friends, or even when he goes hiking in the Alps, he uses his own Moka pot to make coffee for people like his grandmother made for him. To show them he’s glad to be with them.

“A week before my very first day at the Roastery, I woke up, prepared my backpack for hiking, and with a group of friends I started walking. After three hours we reached a little alpine lake and, as we always do, we brewed coffee with a Moka pot and a portable stove,” Marchelli said. “There, surrounded by snow, sitting in the grass and holding our cups, we felt home.”

His training and preparation at the Milan Roastery has been similar to that hike, he said.

“During training, I brewed my very first coffee in a coffee press. My hands were shaking a little. I counted every second of every minute of infusion in my mind. I felt like I was on a hiking path, every second a step, every step someone to thank for sharing this adventure with me,” Marchelli said. “Then it was time to press. Maybe I was a little too emotional, but, I felt like it took an hour. I was living in slow motion, like in a movie.”

Act III: The epicenter
Before she became the first female coffee roaster in Europe for Starbucks, Michela Marinelli worked an office job in Palermo on the Italian island of Sicily.

“It was an insurance company. I always sat down for eight hours, always finished at six,” she said. Then, her marriage ended. “I said OK, maybe I need to change more. You know when you lose everything and you know you want to do something completely different in your life? It was the right time to do it.”

Marinelli, now 37, decided to learn English and move to London.

“I needed to find a job, and I went walking and saw Starbucks. I always saw it in the movies and then I got curious,” she said. She applied, and began as a barista. Five months later she became a supervisor. Then one day, her manager told her about an opportunity to work at the new Roastery in Milan.

She got the job and began traveling the world training to be a coffee roaster. At the Milan Roastery, she works in the epicenter of the new space near a vibrant green Scolari coffee roaster, manufactured just outside Milan.

Starbucks Reserve Roastery MilanCoffee roasters including Michela Marinelli, far left, are presented with their aprons during a ceremony.

She pours green coffee beans out of burlap sacks to get them started on their journey through the roaster, cooling trays and the 6.5-meter (22 foot)-high bronze cask, which periodically opens like a blooming flower to give visitors a glimpse of the roasting process. After being roasted, the coffee beans travel through a maze of shiny, copper pipes overhead, making the tinkling sound of a rain storm, until they trickle into clear silos at the coffee bar. There, they are ground, brewed and served.

“I love working with this machine that makes everything happen and being able to roast a good coffee,” she said. “There’s not a lot of women coffee roasters. Maybe now other women can see me and find a new job. I didn’t ever think I’d be a roaster but it’s really, really, really cool to do.”

Act IV: The tears
Three years ago, Junior Mouhamadou Issa was running for his life from his home country of Benin in Western Africa with only 20 Euros in his pocket and the clothes on his back after a dispute in his village left his father dead.

The 20-year-old now works at the main bar in the new Milan Roastery, a 360-degree coffee theater in the round. A marble countertop runs all the way around, and customers can walk up and order any number of coffee beverages created from the Roastery’s freshly prepared beans – Italian staples like espresso and cappuccino, yes, but also from a variety of coffee-making methods such as Pour Over, Chemex, Siphon and Cold Brew.

Issa’s favorite part of the main bar is on the far end, the company’s first-ever affogato station, where he crafts made-to-order ice cream using liquid nitrogen. That’s where he was standing when Starbucks ceo Kevin Johnson and other company leaders sat down in front of him earlier this week.

Starbucks Reserve Roastery MilanStarbucks partner Junior Mouhamadou Issa, right, presents his craft to Kevin Johnson, Starbucks ceo and other Starbucks leaders.

Issa greeted them warmly and started making a batch of affogato, explaining each step of the process. As the mixer on the shiny silver machine churned the cream, he pulled a lever on the side to inject the liquid nitrogen, freezing the cream and releasing a dramatic cloud of vapor that spilled over the mixing bowl and inspired “oohs” and “ahhs” from onlookers.

Here, Issa went quiet for a moment as he looked from the faces of Starbucks leaders in front of him to the nearly finished batch of ice cream and the shots of espresso waiting to pour over it. That’s when he started to cry.

He excused himself to the other side of the bar, and immediately found himself at the center of a large group hug from his fellow partners. Martin Brok, president of Starbucks Europe, Middle East and Africa (EMEA), was close behind Issa to check on him, and Johnson went to comfort him as well.

Issa later explained that his proud moment making ice cream for Starbucks leaders triggered a flashback of his epic journey. At the time of his father’s murder at the hands of political opponents three years ago, Issa was away at school studying finance. Fearing the dispute would extend to Issa and leave the young student in danger, his teacher gave him a little money and put him in a car to the neighboring country of Niger. There, Issa took refuge at a mosque and joined a group of men headed to Libya to work construction. After a client refused to pay the group for several months of work, Issa was put on a boat to Italy. There, he learned his mother and his little brother had fled Benin as well, and he was eventually able to reach her by phone.

“She said ‘Ah, they told me that you died!’” he said. “She was so happy. She was crying.”

In Italy, he was safe, but felt more lost than ever. Then his luck started to change. A family from Milan heard about Issa’s story and invited him to move in with them. They helped him get back in school to once again study finance, helped him prepare a CV and drove him to an interview for a job at the first Starbucks in Italy. In February, he was hired to work at the Milan Roastery.

“Talking with people, giving them the coffee, talking about the ice cream, giving them things they’ve never tasted before and in a place like they will never see again – it’s the most happiness that I get,” Issa said. “I was telling myself in that moment that because of those people in front of me, my life is changing. I don’t know how to thank them. That is why I cry.”

Act V: The sacrifice
When he moved to Milan five years ago, Sithum Dissanayake didn’t speak much Italian. In Sri Lanka, he was a marketing and sales executive, but because of the language barrier, he had to start over in Milan. He got a job working as a cleaner at a Princi bakery.

“When I was cleaning, I always finished my job quickly and helped the chef. I was working extra hours, but I wanted to learn something,” Dissanayake said. “One day, there was an opening in the kitchen, and Mr. Rocco asked for me to help him.”

Dissanayake became a waiter, then an assistant chef and he’s now a baker for the Princi inside the Milan Roastery.

Wood-fired oven at Milan Roastery
The wood-fired oven in the Princi bakery is prepped for bread.

In 2016, Starbucks announced a strategic partnership with Italian baker Rocco Princi, bringing his artisanal, freshly baked food to the company’s premium Reserve brand. The Milan Roastery Princi Bakery features a wood-fired oven that was built onsite, brick by brick, by a crew of masons and artisans.

Dissanayake said he originally didn’t know whether he, his wife and their two kids would stay in Italy, but they’ve had second thoughts. They’ve bought a house in Milan and settled in.

“Yeah, I handled more responsibility in Sri Lanka, but I’m not living there, I’m in Italy. You have to be flexible in your life and sacrifice to get extra. Otherwise I would have been a cleaner still,” he said.

Act VI: The Melody
Melody Marino’s first job was at Starbucks, but nearly 20 years ago. The Milan native, now 44, moved to London in 1999 for an adventure and was working in a small, family restaurant and learning English from mafia movies when she walked by a Starbucks one day and decided to have a coffee.

As a nearly lifelong resident of Italy, home of great espresso, Marino was skeptical about what she’d find inside. Little did she know it would be coffee as well as a job and colleagues who would become friends for life.

“I started talking to the guys there and the manager hired me then and there,” Marino said. “I just fell in love. I remember hearing the phrase ‘Treat each other with respect and dignity’ in training. The company was just a little bit different.”

Marino eventually moved on from the company. When her mother became ill last year, Marino returned to Milan to care for her. A friend from her first stint at Starbucks in London told her since she was home, she should apply to the new Milan Roastery.

“For me, it was truly like coming back home. It was a circle, let’s say,” she said. “I’m proud to be back here in my city and to have this amazing thing happening here.”

She said she wrote Schultz a letter a long time ago thanking him for changing her life. He dreamed a dream big enough to include so many, she said.

“Italian people know about coffee. But what this will do is show people that there is more than great espresso,” she said. “I was once skeptical too, but he brings innovation. He brings the future. He’s saying to us look, there is more.”

Wednesday, she got to be in a group photograph with Schultz before he spoke to her and the other new Italian partners.

“To make a long story short, you are standing in the most extraordinary expression of history and heritage and love and passion for what we do at Starbucks,” Schultz said. “Everything we have done has led to this moment. My dream of bringing Starbucks to Italy is being fulfilled, and I know in my heart it will be successful. I know we are leaving the company in extraordinary hands.”

Act VII: The Poste Italiane
Like the people inside, and the company that now inhabits it, the Palazzo delle Post has a life of its own.

The crescent shaped-building that now houses the Milan Roastery was once a stock exchange, and then became the city’s main post office. On Wednesday evening at a special preview party for neighbors, Enrico Menegazzo sat with a table of fellow postal workers sipping drinks in the very space where they used to report for work each day.

Starbucks Reserve Roastery MilanPeople that used to work in Milan’s Palazzo delle Post gather as the formerly shuttered space is unveiled as the new Starbucks Reserve Roastery.

“We are very emotional, because for many years this place was work, but like home as well,” Menegazzo said. “This is a piece of history in the city of Milan. There are a lot of memories here, and I’m very happy that this historic building has been brought back to life.”

The building, and the square outside its front doors, has changed from a finance and business district to a bustling center of culture and tourism over the years, but Menegazzo is pleased with how things have turned out. The place has the same energy as before, he said – people used to queue at the post office and share stories while they waited, and now neighbors, locals and tourists can all meet up at the Roastery and do the same, just “while tasting a wonderful coffee.”

If the life of the Palazzo delle Post were an opera, it would just be getting good, he said. “For me, we’re in the middle. Because we take the heritage of the past, the post office, and it’s a transformation of the old. The end of the first act,” he said. “Now we have a big, bright future to see how this will end.”

Louisville, KY – Yum! Brands, Inc. (NYSE: YUM) today released its 2017 Global Citizenship & Sustainability Report, citizenship.yum.com, highlighting the company’s progress in 2016 and 2017 and outlining efforts by KFC, Pizza Hut and Taco Bell to make a meaningful impact in three areas of strategic focus: Food, Planet and People.

“As Yum! Brands grows KFC, Pizza Hut and Taco Bell around the world, we take our role as a global citizen and our impact on society and the environment seriously,” said Greg Creed, CEO, Yum! Brands, Inc. “In line with Yum! Brands’ Recipe for Growth to become more focused, franchised and efficient, we’ve created a Recipe for Good – our updated global citizenship and sustainability strategy that outlines our public commitments concerning food, planet and people. I’m proud of the progress we’re making, as well as our growing efforts to listen and engage more intently with our stakeholders on priority issues that are material to our business.”

The content of the report reflects topics identified through Yum! Brands’ first companywide materiality assessment and progress against its existing public commitments. The report is prepared according to Global Reporting Initiative Standards, the most widely recognized framework for sustainability reporting.

Also featured are success stories from the company’s brands around the world, each of which has contributed to progress in distinct ways:

KFC: As a brand that’s Always Original, KFC is focused on ingredient sourcing that ranges from sustainable palm oil to purchasing chicken raised without antibiotics important to human medicine in its U.S. restaurants by the end of 2018. The brand has created a customized green building program for its restaurants and invests in its restaurant team members with various training and development programs as well as educational partnerships globally. Worldwide, KFC donated 3 million meals last year to more than 1,500 charities through the Harvest program, and restaurants raised over $14 million (USD) to benefit more than 35 charitable organizations that fight hunger and promote growth opportunities for youth.
Pizza Hut: Known for its iconic pizza innovation, Pizza Hut is redefining the modern pizza delivery experience. Pizza Hut offers a variety of crusts, sauces and customizable topping combinations including fresh vegetables, proteins and fruits and has eliminated partially hydrogenated oils from its global menu. In the U.S., the brand became the first national pizza restaurant to remove artificial flavors and colors from its core pizzas and WingStreet products, and it extended its commitment to serve chicken raised without antibiotics important to human medicine in its WingStreet wings by 2022. Through its global waste reduction efforts, Pizza Hut reached a significant milestone in 2017 – donating 100 million pounds of food over the years through the company’s Harvest program. The brand also expanded its commitment to literacy in 2016, launching its signature platform, Pizza Hut: The Literacy Project, which in its first year impacted 15.9 million people across Brazil, Canada, Costa Rica, South Africa and the U.S. through initiatives like the BOOK IT! Program and in-restaurant fundraising.
Taco Bell: As a brand that’s in a Category of One, Taco Bell has been on a Food for All journey, creating a menu that offers the choices its consumers are asking for. For example: offering choices that are low calorie/fat, high protein and vegetarian; removing artificial flavors and colors, high fructose corn syrup and partially hydrogenated oils; reducing sodium; serving chicken raised without antibiotics important to human medicine in its U.S. restaurants; and serving 100 percent cage-free eggs across its menu in the U.S., among other things. The brand is also giving employees and customers the opportunities they need to turn their dreams into goals through its Live Más Scholarship, which provided $1 million to $2 million in funding per year for more than 400 students in 2016 and 2017.
Other highlights from Yum! Brands’ 2017 Global Citizenship & Sustainability Report include:

Food

Deploying a new global nutrition strategy that emphasizes simplified ingredients, transparency of ingredients, high-protein, lower-calorie, reduced sodium and other offerings that promote a balanced diet
Pursuing a goal of offering balanced meals by having 20 percent of meal options consistent with one-third of the Recommended Daily Allowance (RDA) or foreign equivalents by 2020; currently, nearly 50 percent of restaurants have met this goal
Removed artificial flavors from 70 percent of food ingredients, with a goal of removing 100 percent by 2020*
Removed artificial colors from 78 percent of food ingredients, with a goal of removing 100 percent by 2020*
Removed partially hydrogenated oil from 97 percent of food ingredients, with a goal of removing 100 percent*
Conducted more than 230,000 restaurant food safety audits between 2015 and 2017, and approximately 3,000 food safety supplier audits in 2017
*Key markets, excluding co-branded ingredients and beverages

Planet

Kept more than 750,000 metric tons of carbon dioxide out of the atmosphere in 2017, or the equivalent of taking 160,000 cars off the road for a year, through energy conservation, food waste donation and recycling efforts
Published Sustainable Animal Protein Principles and Good Antimicrobial Stewardship policy in 2017, set and achieved commitments to serve chicken raised without antibiotics important to human medicine in U.S. restaurants, and required suppliers globally to minimize use of antimicrobials important to human medicine and practice responsible, judicious use
Having a goal of sourcing 100 percent sustainable palm oil by 2018; currently sourcing 87 percent of cooking oil from sustainable palm oil or non-palm sources
Sourced 69 percent of global paper-based packaging and service products from either certified virgin or recycled sources in 2017, with a goal of 100 percent by 2020
People

Signed on to the CEO Action for Diversity & Inclusion™, the largest CEO-driven business commitment to advance diversity and inclusion within the workplace
Aligned with Paradigm for Parity®, a coalition of companies working to increase the number of women in senior operating roles
Donated 6.9 million pounds of food to feed people in need through the company’s Harvest program in 2017
Supported the launch of brand-specific culture and leadership initiatives, including KFC’s Leading with Heart program, Pizza Hut’s Life Unboxed campaign and Taco Bell’s Start With Us, Stay With Us platform
For more information and to view Yum! Brands’ 2017 Global Citizenship & Sustainability Report, visit citizenship.yum.com, or join the experts at Yum! Brands on Tuesday, July 31, 2018 at 12pm ET to discuss the #YumRecipeforGood in a Twitter Chat hosted by @TriplePundit. Visit here for details.

Join the conversation at Facebook.com/yumbrands and @yumbrands on Twitter using the hashtag #YumRecipeforGood.

Yum! Brands, Inc., based in Louisville, Kentucky, has over 45,000 restaurants in more than 135 countries and territories and is one of the Aon Hewitt Top Companies for Leaders in North America. In 2018, Yum! Brands was recognized as part of the inaugural Bloomberg Gender-Equality Index and ranked among the top 100 Best Corporate Citizens by Corporate Responsibility Magazine. In 2017, Yum! Brands was named to the Dow Jones Sustainability North America Index. The company’s restaurant brands – KFC, Pizza Hut and Taco Bell – are global leaders of the chicken, pizza and Mexican-style food categories. Worldwide, the Yum! Brands system opens over seven new restaurants per day on average, making it a leader in global retail development.

SEATTLE – Starbucks Corporation (NASDAQ: SBUX) today announces a set of strategic priorities and corresponding operational initiatives to accelerate growth and create long-term shareholder value.

Starbucks details three strategic priorities to regain revenue and earnings momentum:

Accelerating growth in the U.S. and China, the company’s targeted long-term growth markets;

Expanding and leveraging the global reach of the brand through the Global Coffee Alliance; and

Sharpening the focus on increasing shareholder returns.

“While certain demand headwinds are transitory, and some of our cost increases are appropriate investments for the future, our recent performance does not reflect the potential of our exceptional brand and is not acceptable,” said Kevin Johnson, Starbucks president and ceo. “We must move faster to address the more rapidly changing preferences and needs of our customers. Over the past year we have taken several actions to streamline the company, positioning us to increase our innovation agility as an organization and enhance focus on our core value drivers which serve as the foundation to re-accelerate growth and create long-term shareholder value.”

Accelerating growth in the U.S. and China
The company’s streamlining initiatives will enable greater agility in adapting more quickly to changes in consumer preferences. This includes accelerating product innovation around core beverages while leveraging the growing tea and refreshment category, as well as consumer behavior trends towards health and wellness.

Starbucks is optimizing its U.S. store portfolio at a more rapid pace in FY19, including shifting new company-operated store growth to underpenetrated markets, slowing licensed store growth, and increasing the closure of underperforming company-operated stores in its most densely penetrated markets to approximately 150 in FY19 from a historical average of up to 50 annually. In FY19, this will result in a slightly lower growth rate in net new company-operated stores.

Starbucks is actively expanding the breadth and depth of digital relationships with current and new customers. The company has added 5 million new digitally registered customers since April 2018 and 2 million active Starbucks Rewards members year-over-year to 15 million, up 13 percent from the previous year.

In FY19, the company expects newer digital initiatives to contribute one to two points of comp growth in the U.S., supported by a redesigned Starbucks Rewards program that provides customers more choice around redemptions and payment, as well as expanded personalization capabilities for customers that have a digital relationship with the company.

Expanding and leveraging the global reach of the brand
Starbucks continues to make progress toward closure of the Global Coffee Alliance transaction with Nestlé to accelerate and grow the global reach of Starbucks brands in Consumer Packaged Goods (CPG) and Foodservice, adding opportunity for another 5 million points of presence in 189 countries.

Sharpening focus on profitability and increasing shareholder returns
With the execution of the company’s strategic priorities expected to improve the return profile of the business, the company now expects to return approximately $25 billion in cash to shareholders in the form of share buybacks and dividends through FY20. This represents a $10 billion increase from the cash return target announced on November 2, 2017.

Starbucks is intensifying its focus on G&A efficiency, with plans to partner with an external consultant to drive speed and leverage best practices in identifying areas of opportunity. The company expects to provide more detailed plans in conjunction with the company’s Q3 FY18 earnings call.

The company is actively exploring strategic options to license company-operated stores in other appropriate markets.

In support of an accelerated return of cash to shareholders, the Board of Directors approved a 20 percent increase in the company’s regular quarterly dividend and declared a cash dividend of $0.36 per share payable on August 24, 2018, to shareholders of record as of August 9, 2018. This represents the 8th annual increase in the company’s regular quarterly dividend.

Financial Update
The company now anticipates 1 percent growth in comparable store sales globally in Q3 FY18. Additional details with respect to FY18 guidance will be provided during today’s Investor Presentation.

Investor Presentation and Q&A Call
Starbucks management will discuss these updates at the Oppenheimer 18th Annual Consumer Conference in Boston today at 4:25 p.m. ET. The presentation will be webcast with closed captioning and can be accessed on the company’s website: http://investor.starbucks.com. A replay of the webcast will be available on the company’s website through Wednesday, July 25, 2018.

Following today’s presentation, Starbucks will hold a Q&A conference call with cfo Scott Maw starting at 6:00 p.m. ET. The conference call will be webcast and can also be accessed on the company’s website: http://investor.starbucks.com. A replay of the webcast will be available on the company’s website through Wednesday, July 25, 2018.

About Starbucks
Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting high-quality arabica coffee. Today, with stores around the globe, the company is the premier roaster and retailer of specialty coffee in the world. Through our unwavering commitment to excellence and our guiding principles, we bring the unique Starbucks Experience to life for every customer through every cup. To share in the experience, please visit us in our stores or online at http://news.starbucks.com or www.starbucks.com.