Starbucks' Unit Economics and Digital Proficiency Defend Its Growth at Scale Narrative

Starbucks is the largest specialty coffee chain in the world, generating $32 billion in sales during fiscal 2022. The firm’s attention to premium-quality coffee distinguishes it from chained competitors, alleviating pressure from quick-service peers and at-home consumption while underpinning substantially higher pricing for what has historically been a commoditized product. This positioning looks increasingly important to us moving forward, as both vending and single-serve coffee machines continue to improve at the lower end of the market.