Starbucks will take a phased approach to modernizing the customer experience across all key touchpoints for customers, beginning this summer in New York City. It plans to create new and better experiences using technology, product innovation, and new and reimagined store formats.
In addition, Starbucks will invest $100 million in Valor Siren Ventures for food and retail startup companies. Managed by Valor Equity Partners,the new fund will identify and invest in companies who are developing technologies, products, and solutions relating to food or retail. The fund will seek to raise an additional $300 million in the coming months from other strategic partners and key institutional investors.
Starbucks also plans to launch greener cups, fewer straws, and to digitally trace its coffee as part of its work to support and empower coffee farmers and decrease the company's environmental footprint.
Related: Starbucks Updates Loyalty Program; Starbucks Scales Back on High-End Cafe Plans.
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