Howard Schultz: Transformation Agenda Letter

Twenty-five years ago, I walked into Starbucks' (SBUX) first store in Seattle's Pike Place Market, and from that day forward we have taken the road less traveled. Working with an exceptional group of people and summoning all the courage we could muster, we created a new kind of place—one that served the kind of coffee that most people had never tasted, an environment that didn't look like any other store, and hiring people who were fanatically passionate about coffee and celebrated their interaction with customers. To do this, we focused every ounce of our beings on creativity and innovation. Over the years, together we have built one of the most recognized and respected brands in the world. When we went public in June, 1992, we had 119 stores. We now have more than 15,000 stores and a significant and growing presence in 43 countries, serving 50 million customers a week. These customers have placed their trust in us, and for them and for each other we need to ensure that our future is as exciting as our past.