Howard Schultz: evaluation

Transcript context

…And apps at this point, if it came out in 2009, which was the first version, the iOS SDK came out in summer of 2008. If they’re having this idea and bringing it to you, it’s months after apps exist. Well, they get complete credit for assembling the pieces of all this, convincing us to fund it, and we were off and running. I don’t think any of us, honestly for myself, really knew what they were actually going to create. They explained it to us, but I didn’t really get it until I saw it. And then holy shit, overnight, it was just an unbelievable new vehicle. Now, if we fast forward—I don’t know if you want to do that here on what it’s become—it is the biggest Achilles heel for Starbucks. And it’s not even a close second. The mobile app created unbelievable convenience for our customers. But remember, we are an experiential brand. As this thing was growing, there was never an opportunity because it became so seductive for the company. It also created an even better business model for you. It was more efficient and you get the float with customer funds.…

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