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class="bb-that-category__item"><a class="bb-that-category__link" href="https://www-bloomberg-com.translate.goog/company/?utm_source=bloomberg-menu&utm_medium=bcom&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" data-element="tophat-link" data-description="About" data-label="bcom" tabindex="0">About</a></li> <li class="bb-that-category__item"><a class="bb-that-category__link" href="https://www-bloomberg-com.translate.goog/company/what-we-do/?utm_source=bloomberg-menu&utm_medium=bcom&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" data-element="tophat-link" data-description="Careers" data-label="bcom" tabindex="0">Careers</a></li> <li class="bb-that-category__item"><a class="bb-that-category__link" href="https://www-bloomberg-com.translate.goog/company/diversity-inclusion/?utm_source=bloomberg-menu&utm_medium=bcom&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" data-element="tophat-link" data-description="Diversity and Inclusion" data-label="bcom" tabindex="0">Diversity and Inclusion</a></li> <li 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href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://about.bgov.com/?utm_source%3Dbloomberg-menu%26utm_medium%3Dbcom" data-element="tophat-link" data-description="Bloomberg Government" data-label="bcom" tabindex="0">Bloomberg Government</a></li> <li class="bb-that-category__item"><a class="bb-that-category__link" href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://about.bnef.com/?utm_source%3Dbloomberg-menu%26utm_medium%3Dbcom" data-element="tophat-link" data-description="BloombergNEF" data-label="bcom" tabindex="0">BloombergNEF</a></li> </ul> </section></li> <li class="bb-that__col bb-that__col--md"> <section class="bb-that-category"> <h3 id="that-list--media--9" class="bb-that-category__title">Media</h3> <ul class="bb-that-category__content" aria-labelledby="that-list--media--9"> <li class="bb-that-category__item"><a class="bb-that-category__link" 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class="bb-that-category__item"><a class="bb-that-category__link" href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://www.bloomberglive.com/?utm_source%3Dbloomberg-menu%26utm_medium%3Dbcom" data-element="tophat-link" data-description="Bloomberg Live Conferences" data-label="bcom" tabindex="0">Bloomberg Live Conferences</a></li> <li class="bb-that-category__item"><a class="bb-that-category__link" href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://www.bloombergradio.com/?utm_source%3Dbloomberg-menu%26utm_medium%3Dbcom" data-element="tophat-link" data-description="Bloomberg Radio" data-label="bcom" tabindex="0">Bloomberg Radio</a></li> <li class="bb-that-category__item"><a class="bb-that-category__link" href="https://www-bloomberg-com.translate.goog/live?utm_source=bloomberg-menu&utm_medium=bcom&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" data-element="tophat-link" data-description="Bloomberg Television" data-label="bcom" tabindex="0">Bloomberg Television</a></li> <li class="bb-that-category__item"><a class="bb-that-category__link" href="https://www-bloomberg-com.translate.goog/company/news-bureaus/?utm_source=bloomberg-menu&utm_medium=bcom&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" data-element="tophat-link" data-description="News Bureaus" data-label="bcom" tabindex="0">News Bureaus</a></li> </ul> </section> <section class="bb-that-category"> <h3 id="that-list--media_services--10" class="bb-that-category__title">Media Services</h3> <ul class="bb-that-category__content" aria-labelledby="that-list--media_services--10"> <li class="bb-that-category__item"><a class="bb-that-category__link" href="https://www-bloomberg-com.translate.goog/distribution?utm_source=bloomberg-menu&utm_medium=bcom&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" data-element="tophat-link" data-description="Bloomberg Media Distribution" data-label="bcom" tabindex="0">Bloomberg Media Distribution</a></li> <li class="bb-that-category__item"><a class="bb-that-category__link" href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://www.bloombergmedia.com/?utm_source%3Dbloomberg-menu%26utm_medium%3Dbcom" data-element="tophat-link" data-description="Advertising" data-label="bcom" tabindex="0">Advertising</a></li> </ul> </section></li> </ul> <ul class="bb-that__sitemap-sections bb-that--visible-sm"> <li class="bb-that__col bb-that__col--sm"> <section class="bb-that-category"> <h3 id="that-list--company--11" class="bb-that-category__title">Company</h3> <ul class="bb-that-category__content" aria-labelledby="that-list--company--11"> <li class="bb-that-category__item"><a class="bb-that-category__link" href="https://www-bloomberg-com.translate.goog/company/?utm_source=bloomberg-menu&utm_medium=bcom&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" data-element="tophat-link" data-description="About" data-label="bcom" tabindex="0">About</a></li> <li class="bb-that-category__item"><a 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tabindex="0">Bloomberg London</a></li> <li class="bb-that-category__item"><a class="bb-that-category__link" href="https://www-bloomberg-com.translate.goog/company/values/tech-at-bloomberg/bloomberg-beta/?utm_source=bloomberg-menu&utm_medium=bcom&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" data-element="tophat-link" data-description="Bloomberg Beta" data-label="bcom" tabindex="0">Bloomberg Beta</a></li> </ul> </section> <section class="bb-that-category"> <h3 id="that-list--communications--12" class="bb-that-category__title">Communications</h3> <ul class="bb-that-category__content" aria-labelledby="that-list--communications--12"> <li class="bb-that-category__item"><a class="bb-that-category__link" href="https://www-bloomberg-com.translate.goog/company/announcements/?utm_source=bloomberg-menu&utm_medium=bcom&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" data-element="tophat-link" data-description="Press Announcements" data-label="bcom" tabindex="0">Press Announcements</a></li> <li class="bb-that-category__item"><a class="bb-that-category__link" href="https://www-bloomberg-com.translate.goog/company/press-contacts/?utm_source=bloomberg-menu&utm_medium=bcom&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" data-element="tophat-link" data-description="Press Contacts" data-label="bcom" tabindex="0">Press Contacts</a></li> </ul> </section> <section class="bb-that-category"> <h3 id="that-list--follow--13" class="bb-that-category__title">Follow</h3> <ul class="bb-that-category__content" aria-labelledby="that-list--follow--13"> <li class="bb-that-category__item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://www.facebook.com/Bloomberglp" class="bb-that-category__social-link bb-that--icon-facebook" data-element="tophat-link" data-description="Facebook" data-label="bcom" target="_blank" rel="noopener" tabindex="0">Facebook</a></li> <li class="bb-that-category__item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://www.instagram.com/bloomberg/" class="bb-that-category__social-link bb-that--icon-instagram" data-element="tophat-link" data-description="Instagram" data-label="bcom" target="_blank" rel="noopener" tabindex="0">Instagram</a></li> <li class="bb-that-category__item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://www.linkedin.com/company/2494" class="bb-that-category__social-link bb-that--icon-linkedin" data-element="tophat-link" data-description="LinkedIn" data-label="bcom" target="_blank" rel="noopener" tabindex="0">LinkedIn</a></li> <li class="bb-that-category__item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://twitter.com/bloomberg" class="bb-that-category__social-link bb-that--icon-twitter" data-element="tophat-link" data-description="Twitter" data-label="bcom" target="_blank" rel="noopener" tabindex="0">Twitter</a></li> <li class="bb-that-category__item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://www.youtube.com/@bloomberglp" class="bb-that-category__social-link bb-that--icon-youtube" data-element="tophat-link" data-description="YouTube" data-label="bcom" target="_blank" rel="noopener" tabindex="0">YouTube</a></li> </ul> </section></li> <li class="bb-that__col bb-that__col--sm"> <section class="bb-that-category"> <h3 id="that-list--products--14" class="bb-that-category__title">Products</h3> <ul class="bb-that-category__content" aria-labelledby="that-list--products--14"> <li class="bb-that-category__item"><a class="bb-that-category__link" href="https://www-bloomberg-com.translate.goog/professional/products/bloomberg-terminal/?utm_source=bloomberg-menu&utm_medium=bcom&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" data-element="tophat-link" data-description="Bloomberg Terminal" data-label="bcom" tabindex="0">Bloomberg Terminal</a></li> <li class="bb-that-category__item"><a class="bb-that-category__link" href="https://www-bloomberg-com.translate.goog/professional/products/data/?utm_source=bloomberg-menu&utm_medium=bcom&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" data-element="tophat-link" data-description="Data" data-label="bcom" tabindex="0">Data</a></li> <li class="bb-that-category__item"><a class="bb-that-category__link" href="https://www-bloomberg-com.translate.goog/professional/products/trading/?utm_source=bloomberg-menu&utm_medium=bcom&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" data-element="tophat-link" data-description="Trading" data-label="bcom" tabindex="0">Trading</a></li> <li class="bb-that-category__item"><a class="bb-that-category__link" href="https://www-bloomberg-com.translate.goog/professional/products/risk/?utm_source=bloomberg-menu&utm_medium=bcom&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" data-element="tophat-link" data-description="Risk" data-label="bcom" tabindex="0">Risk</a></li> <li class="bb-that-category__item"><a 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href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://pro.bloomberglaw.com/?utm_source%3Dbloomberg-menu%26utm_medium%3Dbcom" data-element="tophat-link" data-description="Bloomberg Law" data-label="bcom" tabindex="0">Bloomberg Law</a></li> <li class="bb-that-category__item"><a class="bb-that-category__link" href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://pro.bloombergtax.com/?utm_source%3Dbloomberg-menu%26utm_medium%3Dbcom" data-element="tophat-link" data-description="Bloomberg Tax" data-label="bcom" tabindex="0">Bloomberg Tax</a></li> <li class="bb-that-category__item"><a class="bb-that-category__link" href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://about.bgov.com/?utm_source%3Dbloomberg-menu%26utm_medium%3Dbcom" data-element="tophat-link" data-description="Bloomberg Government" data-label="bcom" tabindex="0">Bloomberg Government</a></li> <li class="bb-that-category__item"><a class="bb-that-category__link" href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://pro.bloombergenvironment.com/?utm_source%3Dbloomberg-menu%26utm_medium%3Dbcom" data-element="tophat-link" data-description="Bloomberg Environment" data-label="bcom" tabindex="0">Bloomberg Environment</a></li> <li class="bb-that-category__item"><a class="bb-that-category__link" href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://about.bnef.com/?utm_source%3Dbloomberg-menu%26utm_medium%3Dbcom" data-element="tophat-link" data-description="BloombergNEF" data-label="bcom" tabindex="0">BloombergNEF</a></li> </ul> </section></li> <li class="bb-that__col bb-that__col--sm"> <section class="bb-that-category"> <h3 id="that-list--media--16" class="bb-that-category__title">Media</h3> <ul class="bb-that-category__content" aria-labelledby="that-list--media--16"> <li class="bb-that-category__item"><a class="bb-that-category__link" href="https://www-bloomberg-com.translate.goog/markets/?utm_source=bloomberg-menu&utm_medium=bcom&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" data-element="tophat-link" data-description="Bloomberg Markets" data-label="bcom" tabindex="0">Bloomberg Markets</a></li> <li class="bb-that-category__item"><a class="bb-that-category__link" href="https://www-bloomberg-com.translate.goog/technology/?utm_source=bloomberg-menu&utm_medium=bcom&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" data-element="tophat-link" data-description="Bloomberg[br] Technology" data-label="bcom" tabindex="0">Bloomberg<br> Technology</a></li> <li class="bb-that-category__item"><a class="bb-that-category__link" href="https://www-bloomberg-com.translate.goog/pursuits/?utm_source=bloomberg-menu&utm_medium=bcom&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" data-element="tophat-link" data-description="Bloomberg Pursuits" data-label="bcom" tabindex="0">Bloomberg Pursuits</a></li> <li class="bb-that-category__item"><a 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class="bb-that-category__item"><a class="bb-that-category__link" href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://www.bloomberglive.com/?utm_source%3Dbloomberg-menu%26utm_medium%3Dbcom" data-element="tophat-link" data-description="Bloomberg Live Conferences" data-label="bcom" tabindex="0">Bloomberg Live Conferences</a></li> <li class="bb-that-category__item"><a class="bb-that-category__link" href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://www.bloombergradio.com/?utm_source%3Dbloomberg-menu%26utm_medium%3Dbcom" data-element="tophat-link" data-description="Bloomberg Radio" data-label="bcom" tabindex="0">Bloomberg Radio</a></li> <li class="bb-that-category__item"><a class="bb-that-category__link" href="https://www-bloomberg-com.translate.goog/live?utm_source=bloomberg-menu&utm_medium=bcom&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" data-element="tophat-link" data-description="Bloomberg Television" data-label="bcom" tabindex="0">Bloomberg Television</a></li> <li class="bb-that-category__item"><a class="bb-that-category__link" href="https://www-bloomberg-com.translate.goog/company/news-bureaus/?utm_source=bloomberg-menu&utm_medium=bcom&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" data-element="tophat-link" data-description="News Bureaus" data-label="bcom" tabindex="0">News Bureaus</a></li> </ul> </section> <section class="bb-that-category"> <h3 id="that-list--media_services--17" class="bb-that-category__title">Media Services</h3> <ul class="bb-that-category__content" aria-labelledby="that-list--media_services--17"> <li class="bb-that-category__item"><a class="bb-that-category__link" href="https://www-bloomberg-com.translate.goog/distribution?utm_source=bloomberg-menu&utm_medium=bcom&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" data-element="tophat-link" data-description="Bloomberg Media Distribution" data-label="bcom" tabindex="0">Bloomberg Media Distribution</a></li> <li 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trickle in. First a small group, two girls and a guy. Then two boys in private school uniforms. Victor, 12, stops in once or twice a day, he says, whether for a pastry, a medium no-ice strawberry açaí lemonade Refresher, a cookie Frappuccino or even just free water. Wren and Zoe, both 15, arrive next, with identical orders: venti strawberry açaí lemonade Refreshers and ham and Swiss croissants. Wren says she’s been coming since she was 10, while Zoe claims to have started at 2, but both agree it all began with cake pops before they moved up the menu ladder. Wren says her parents used to object, worried it wasn’t healthy. But then “everyone started getting it, so my parents would feel bad if I didn’t.” The girls now come in about four times a week after school.</p> <p class="media-ui-Paragraph_text-SqIsdNjh0t0-" data-component="paragraph">The real rush starts around 3 p.m. In one group of eighth-grade girls, several get a slightly different variation of a grande strawberry açaí Refresher—with the same amount of sugar as a Butterfinger, plus the caffeine of about a half an average cup of coffee. Cold drinks in bright hues and endless configurations are exactly what’s in demand among Generation Z, those currently age 11 to 27 as the company defines it and a “key customer cohort for Starbucks,” as then-interim Chief Executive Officer Howard Schultz put it on an earnings call a couple of years ago. Customization, he said, was “raising the ticket” and bringing “color and excitement to the Gen Z audience, and they immediately put it on social media.”</p> <div class="media-ui-Placeholder_placeholderParagraphWrapper-yqk1PvmrNoc-"> <div class="media-ui-Placeholder_shimmeringParagraph-CAmHW46Yvo4-" data-component="placeholder-paragraph"> <div class="media-ui-Placeholder_shimmeringLine-eiuBL5rgMWw-" data-component="placeholder-line"></div> <div class="media-ui-Placeholder_shimmeringLine-eiuBL5rgMWw-" data-component="placeholder-line"></div> <div class="media-ui-Placeholder_shimmeringLine-eiuBL5rgMWw-" data-component="placeholder-line"></div> <div class="media-ui-Placeholder_shimmeringLine-eiuBL5rgMWw-" data-component="placeholder-line"></div> <div class="media-ui-Placeholder_shimmeringLine-eiuBL5rgMWw-" data-component="placeholder-line"></div> <div class="media-ui-Placeholder_shimmeringLine-eiuBL5rgMWw-" data-component="placeholder-line"></div> </div> <div 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All Rights Reserved.</span> </div> </div> </div> </div> </div> </div> </div> </div> <script id="__NEXT_DATA__" type="application/json">{"props":{"pageProps":{"story":{"abstract":[],"archived":false,"adTargeting":{"adCode":"bloomberg/businessweek/business/feature","suid":"SLE6QVT0G1KW00","page":"feature","currentResource":"Feature|SLE6QVT0G1KW00","ni":["ADV","BIZWEEK","BUSINESS","CMD","EDU","EQUITYKEY","MARKETS","NRGKEY","TEC"],"tagr":[],"kwl":["biz_generic","biz_apple","biz_saudiaramco","biz_ibm2","biz_vacheron_2021","biz_rolex","biz_vac2022","biz_eyemea2023","biz_googlebrandsafety","biz_workdayus24","biz_workday24","biz_ubsfeb2024","biz_alliancebernstein","biz_workday2024","biz_chase_keyword_exclusion_list_1","biz_microsoftcopilot","biz_att24","biz_goldman_brandsafety_2024","biz_election2024_inv","biz_chanel102124","biz_richemont","biz_googlenov24"],"sites":["businessweek","industries"],"__typename":"AdTargeting","tr":["trigron","silveru","goldu","jpyu","ftse2","sgxd","twcomd","testblend","teston","ipos","cloud","globaltrade","tradewars","bonds","galcryptou","ishares_ihak","TrigrNews_iShares22","rty_down","spx_down","indu_down","isharesbetfup","iSharesBitcoin","BRSPD"],"record":"new-starbucks-ceo","isWeekend":true},"assistance":null,"attributor":"businessweek","authoredRegion":"Global","authors":[{"id":"19720000","editorialBoard":false,"bio":"","name":"Deena Shanker","twitter":"deenashanker","profileSlug":"19720000-deena-shanker","slug":"ASznQGEjaUE/deena-shanker","thumbnail":{"alt":"Deena Shanker","caption":null,"credit":null,"height":160,"id":"400276027","origHeight":2000,"origWidth":2000,"size":null,"title":"Deena Shanker","type":"image","url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/ivVC7zyVyMwQ/v3/piUjdcePl62Og/160x160.jpg","width":160,"themes":null,"__typename":"Image"},"photoDisplayed":true,"roles":["by","author"],"__typename":"Person","profileUrl":"ASznQGEjaUE/deena-shanker"},{"id":"21805560","editorialBoard":false,"bio":"","name":"Daniela Sirtori","twitter":"dani_lsc","profileSlug":"21805560-daniela-sirtori","slug":"AUy5-GCI-k8/daniela-sirtori","thumbnail":{"alt":null,"caption":null,"credit":null,"height":160,"id":"399645976","origHeight":2000,"origWidth":2000,"size":null,"title":"","type":"image","url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i4fmnIGQIMl0/v1/piUjdcePl62Og/160x160.jpg","width":160,"themes":null,"__typename":"Image"},"photoDisplayed":true,"roles":["by","author"],"__typename":"Person","profileUrl":"AUy5-GCI-k8/daniela-sirtori"}],"audios":[],"body":{"type":"document","content":[{"type":"inline-newsletter","data":{"position":"top"},"content":[]},{"type":"paragraph","data":{},"content":[{"type":"text","value":"Early one afternoon in June at a Starbucks in Brooklyn’s Park Slope neighborhood, the kids start to trickle in. First a small group, two girls and a guy. Then two boys in private school uniforms. Victor, 12, stops in once or twice a day, he says, whether for a pastry, a medium no-ice strawberry açaí lemonade Refresher, a cookie Frappuccino or even just free water. Wren and Zoe, both 15, arrive next, with identical orders: venti strawberry açaí lemonade Refreshers and ham and Swiss croissants. Wren says she’s been coming since she was 10, while Zoe claims to have started at 2, but both agree it all began with cake pops before they moved up the menu ladder. Wren says her parents used to object, worried it wasn’t healthy. But then “everyone started getting it, so my parents would feel bad if I didn’t.” The girls now come in about four times a week after school."}]},{"type":"inline-recirc","data":{"inlineRecircKey":"businessweek"},"content":[]},{"type":"paragraph","data":{},"content":[{"type":"text","value":"The real rush starts around 3 p.m. In one group of eighth-grade girls, several get a slightly different variation of a grande strawberry açaí Refresher—with the same amount of sugar as a Butterfinger, plus the caffeine of about a half an average cup of coffee. Cold drinks in bright hues and endless configurations are exactly what’s in demand among Generation Z, those currently age 11 to 27 as the company defines it and a “key customer cohort for Starbucks,” as then-interim Chief Executive Officer "},{"type":"entity","subType":"person","data":{"person":{"identifiers":{"personId":null}},"link":{"href":"bbg://people/profile/1432255","itemprop":"StoryLink","itemscope":"itemscope","target":"_blank","destination":{"bbg":"bbg://people/profile/1432255"}}},"content":[{"type":"text","value":"Howard Schultz"}],"meta":{"type":"ProfileLink"}},{"type":"text","value":" put it on an earnings call a couple of years ago. Customization, he said, was “raising the ticket” and bringing “color and excitement to the Gen Z audience, and they immediately put it on social media.”"}]},{"type":"paragraph","data":{},"content":[{"type":"text","value":"Some of the Park Slope kids work part time to finance their Starbucks habit—babysitting money mostly. Some make regular withdrawals from the Bank of Mom \u0026 Dad. “I just beg for money,” one says. Others rely on a potent form of teen currency: gift cards. “Everybody knows all I want is Starbucks,” says Tessa, 14."}]},{"type":"ad","data":{"class":"ad news-designed-for-consumer-media","data-ad-type":"leaderboard","data-align":"center","adType":"leaderboard","align":"center","num":1,"pageId":"feature"},"content":[{"type":"text","value":" "}]},{"type":"paragraph","data":{},"content":[{"type":"text","value":"“Starbucks does take all our money, but we can’t stop,” says her friend Maya."}]},{"type":"paragraph","data":{},"content":[{"type":"text","value":"“It’s addiction,” someone else chimes in."}]},{"type":"paragraph","data":{},"content":[{"type":"text","value":"“It’s consumerism,” says another."}]},{"type":"paragraph","data":{},"content":[{"type":"text","value":"Maya sums it up: “There’s an excuse every day.”"}]},{"type":"paragraph","data":{},"content":[{"type":"text","value":" "},{"type":"embed","host":"omny.fm","href":"https://omny.fm/shows/listen-to-the-story/kids-in-a-candy-store","data":{"class":"bbg-embed","data-embed-id":"https://omny.fm/shows/listen-to-the-story/kids-in-a-candy-store","data-type":"iframe","href":"https://omny.fm/shows/listen-to-the-story/kids-in-a-candy-store","embedId":"https://omny.fm/shows/listen-to-the-story/kids-in-a-candy-store","type":"iframe"},"iframeData":{"url":"https://omny.fm/shows/listen-to-the-story/kids-in-a-candy-store","rel":["player","html5","ssl","playerjs","audio"],"html":"\u003cdiv style=\"left: 0; width: 100%; height: 180px; position: relative;\"\u003e\u003ciframe src=\"https://omny.fm/shows/listen-to-the-story/kids-in-a-candy-store/embed?style=cover\" style=\"top: 0; left: 0; width: 100%; height: 100%; position: absolute; border: 0;\" allowfullscreen\u003e\u003c/iframe\u003e\u003c/div\u003e","dimension":{"width":null,"height":180,"minWidth":null,"minHeight":null,"maxWidth":null,"maxHeight":null,"aspectRatio":null,"__typename":"IframeDimension"},"meta":{"author":"Listen to the Story","author_url":"https://www.bloomberg.com/podcasts","canonical":"https://omny.fm/shows/listen-to-the-story/kids-in-a-candy-store","description":"How Starbucks became the colorful, heavily sweetened, extremely Instagrammable hangout for tweens and teens. By Deena Shanker and Daniela Sirtori","site":"Omny Studio","title":"Kids in a Candy Store - Listen to the Story","__typename":"IframeMeta"},"__typename":"Iframe"}}]},{"type":"paragraph","data":{},"content":[{"type":"text","value":"The conversation turns to the fall, when they’ll scatter to different high schools. Each has already gamed out their closest Starbucks. One says she “almost cried” at school when she realized the nearest location would be an 18-minute walk. Her friend quickly corrects her, saying she did cry: “There were tears in your eyes!”"}]},{"type":"paragraph","data":{},"content":[{"type":"text","value":"A similar tween and teen rush takes place at Starbucks locations across the country. While the Brooklyn kids are mapping out autumn logistics, siblings Aaron, 13, and Aryanna, 15, are camped out with their mom and math tutor at a Starbucks in Dallas. Although they used to be partial to decaf grande mocha Frappuccinos—the caffeine gave them headaches—they’ve moved on to grande frozen mango dragonfruit lemonade, which has about half the caffeine of the Frap and 33 grams of sugar, the equivalent of more than four Bomb Pop popsicles. In Greenvale, New York, for two kids—an 8-year-old and an 11-year-old—getting their venti summer-berry Refreshers is as easy as a swipe of a smartwatch. One high schooler at the same location says she had a teacher who was kind enough to pick up student orders during lunch."}]},{"type":"media","subType":"photo","data":{"identifiers":{"avmmId":418415907},"remoteContent":[{"link":{"destination":{"bbg":"http://resource.bloomberg.com/images/418415907","web":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/ixtIxOg3YoHE/v4/-1x-1.webp"}},"rendition":"highres"}],"photo":{"align":"center","data-align":"center","data-id":"418415907","data-image-size":"column","data-image-type":"photo","data-type":"image","id":418415907,"imageSize":"column","imageType":"photo","type":"image","src":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/ixtIxOg3YoHE/v4/-1x-1.webp","alt":"","caption":"Menu featuring Starbucks\u0026#x2019; new Iced Energy drinks at a location in San Francisco.","credit":"Photographer: Smith Collection/Getty Images"},"attachment":{"alt":null,"caption":null,"credit":null,"height":1500,"id":"418415907","origHeight":1500,"origWidth":2000,"size":null,"title":"1824_FEAT_STARBUCKS_02 This image can only be used with attached article for period of 90 days from publication","type":"image","url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/ixtIxOg3YoHE/v4/-1x-1.webp","width":2000,"themes":null,"__typename":"Image"}}},{"type":"paragraph","data":{},"content":[{"type":"text","value":"Selling cold, sugary beverages to middle and high schoolers wasn’t exactly the original vision when Schultz opened his first coffeehouse, Il Giornale, modeled after Milan’s espresso bars, in 1985. But he eventually discovered that catering to the tastes of the American masses would require veering further and further away from that quaint concept. While the vast majority of customers today are adults, "},{"type":"link","data":{"href":"bbg://securities/SBUX%20US%20Equity","itemprop":"StoryLink","itemscope":"itemscope","target":"_blank","destination":{"bbg":"bbg://securities/SBUX%20US%20Equity"}},"content":[{"type":"text","value":"Starbucks Corp."}]},{"type":"text","value":" also sells a whole lot of sugar and caffeine to tweens and teens. What was begun reluctantly has evolved into a concerted effort to court young people that permeates product development and marketing in a strategic effort to create lifelong customers. “That is very much a long-term game,” says Robert Byrne of market-research firm Technomic."}]},{"type":"paragraph","data":{},"content":[{"type":"text","value":"Chains such as "},{"type":"link","data":{"href":"bbg://securities/MCD%20US%20Equity","itemprop":"StoryLink","itemscope":"itemscope","target":"_blank","destination":{"bbg":"bbg://securities/MCD%20US%20Equity"}},"content":[{"type":"text","value":"McDonald’s Corp."}]},{"type":"text","value":" have long drawn the ire of public-health advocates for using cartoonish mascots and cheap plastic toys to lure families with young children into consuming high-sugar, high-calorie foods. But Starbucks, which now has more US locations than the Golden Arches, has eschewed some of the more overt techniques and has aimed slightly older, allowing it to mostly bypass such criticism, even as it’s morphed from a coveted third space for upper-middle-class professionals into a teen emporium. In recent years, Starbucks executives boasted that Gen Z had the highest “brand love” for the coffee chain of any cohort. Greenlight, "},{"type":"link","data":{"href":"https://greenlight.com","itemprop":"StoryLink","itemscope":"itemscope","target":"_blank","title":"Greenlight homepage","tooltip":"Greenlight homepage","destination":{"web":"https://greenlight.com"}},"content":[{"type":"text","value":"a debit card company for kids"}]},{"type":"text","value":", mostly age 5 to 18, says Starbucks was the fifth-most popular destination for their cardholders last year, falling behind only Amazon.com, Target, Apple and McDonald’s. Starbucks gift cards are also the top food or restaurant cards for teens, ahead of both Chick-fil-A and McDonald’s, according to market-research group KidSay."}]},{"type":"media","subType":"chart","data":{"identifiers":{"avmmId":418420835},"remoteContent":[{"link":{"destination":{"bbg":"http://resource.bloomberg.com/images/418420558","web":"https://www.bloomberg.com/toaster/v2/charts/mif4sn5koz03r7o2x9jhldolkry282s9.html"}},"rendition":"highres"}],"chart":{"align":"center","data-align":"center","data-id":"418420835","data-image-size":"column","data-image-type":"chart","data-type":"image","id":418420835,"imageSize":"column","imageType":"chart","type":"image","src":"https://www.bloomberg.com/toaster/v2/charts/mif4sn5koz03r7o2x9jhldolkry282s9.html","alt":"","caption":"","credit":"","fallback":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iLzrXFghk4qM/v0/pidjEfPlU1QWZop3vfGKsrX.ke8XuWirGYh1PKgEw44kE/-1x-1.png"},"attachment":{"id":"418420835","title":"Young Big Spenders at Starbucks","subtitle":"Average monthly spending at the chain by kids and teens* with a Greenlight debit card","uuid":"mif4sn5koz03r7o2x9jhldolkry282s9","url":"https://www.bloomberg.com/toaster/v2/charts/mif4sn5koz03r7o2x9jhldolkry282s9.html","footnote":"*Mostly 5- to 18-year-olds","source":"Source: Greenlight","theme":"bizweek","aspectRatio":"1296:816","creator":"TOASTER","responsiveImages":{"large":null,"mobile":null,"widget":null,"__typename":"ChartResponsiveImageSet"},"__typename":"Chart"}}},{"type":"paragraph","data":{},"content":[{"type":"text","value":"“It is unquestionably ‘the destination’ ” for kids between classes or after school, says Byrne. The habit has been handed down from parents shuttling children from school to soccer to wherever else and reinforced by social media as they get older. Then it gets bankrolled by parents when kids are allowed their first phone as young as age 9, often loaded with ordering apps, according to Technomic research. "},{"type":"entity","subType":"person","data":{"person":{"identifiers":{"personId":null}},"link":{"href":"bbg://people/profile/23573364","itemprop":"StoryLink","itemscope":"itemscope","target":"_blank","destination":{"bbg":"bbg://people/profile/23573364"}}},"content":[{"type":"text","value":"Dana Pellicano"}],"meta":{"type":"ProfileLink"}},{"type":"text","value":", Starbucks’ head of product experience, says parents “want to enable their kids to very easily load up a Starbucks gift card and empower their kids to go in and get something that they believe might be good afternoon fuel.”"}]},{"type":"paragraph","data":{},"content":[{"type":"text","value":"As far as many parents are concerned, at least it’s not TikTok or another video game, or an even more expensive hangout like Sephora. The sugar, whatever. “Do you want to know how many times we refill our Starbucks account?” asks Jazha Cabrera, whose 13-year-old son used to go with her and who now brings his own friends. She says she adds $50 to his app every few days, more if he’s treating. “If he’s doing good and passing his classes, doing all his chores—what am I going to tell him, no?”"}]},{"type":"ad","data":{"class":"ad news-designed-for-consumer-media","data-ad-type":"tall-box","data-align":"right","adType":"tall-box","align":"right","num":2,"pageId":"feature"},"content":[{"type":"text","value":" "}]},{"type":"paragraph","data":{},"content":[{"type":"entity","subType":"person","data":{"person":{"identifiers":{"personId":null}},"link":{"href":"bbg://people/profile/21660989","itemprop":"StoryLink","itemscope":"itemscope","target":"_blank","destination":{"bbg":"bbg://people/profile/21660989"}}},"content":[{"type":"text","value":"Kyndra Russell"}],"meta":{"type":"ProfileLink"}},{"type":"text","value":", Starbucks’ North American chief marketing officer, says the company’s marketing targets 18- to 54-year-olds. “Starbucks does not market to children,” the company said in a statement. It also pointed to its commitment to the "},{"type":"link","data":{"href":"https://www.unicef.org/documents/childrens-rights-and-business-principles","itemprop":"StoryLink","itemscope":"itemscope","target":"_blank","title":"Children’s Rights and Business Principles | Unicef","tooltip":"Children’s Rights and Business Principles | Unicef","destination":{"web":"https://www.unicef.org/documents/childrens-rights-and-business-principles"}},"content":[{"type":"text","value":"Children’s Rights and Business Principles"}]},{"type":"text","value":", standards created with Unicef, Save the Children and the United Nations Global Compact. Those standards include a commitment to “ensuring that products ... to which children may be exposed are safe” and “restricting access to products ... that are not suitable for children.”"}]},{"type":"paragraph","data":{},"content":[{"type":"text","value":"Starbucks said it doesn’t share what percentage of its sales are attributable to customers under 18, but the menu is increasingly catering to Gen Z. Cold drinks, which are generally favored by younger customers, according to Starbucks, have consistently accounted for about 70% of the chain’s beverage sales for at least the last three years. “The younger you go, the colder the beverage,” then-Chief Marketing Officer "},{"type":"entity","subType":"person","data":{"person":{"identifiers":{"personId":null}},"link":{"href":"bbg://people/profile/17845948","itemprop":"StoryLink","itemscope":"itemscope","target":"_blank","destination":{"bbg":"bbg://people/profile/17845948"}}},"content":[{"type":"text","value":"Brady Brewer"}],"meta":{"type":"ProfileLink"}},{"type":"text","value":" said in 2022 of the larger industry trend (he’s now the company’s head of international)."}]},{"type":"paragraph","data":{},"content":[{"type":"text","value":"As the cold-beverage arms race has heated up in recent years, Starbucks has faced increased competition. Boba tea cafes populate strip malls and city corners, burger spots like Jack in the Box peddle iced churro Creamaccinos, and culty brands including Celsius energy drinks are all the rage at CVS and Target (the latter of which also houses more than 1,700 in-store Starbucks cafes). All that is probably why Starbucks’ newest offerings are only getting more frilly and far-out: brightly colored sparkling energy drinks, iced lavender cream oat milk matcha, neon concoctions with boba-tea-inspired pearls."}]},{"type":"paragraph","data":{},"content":[{"type":"text","value":"Meanwhile, Starbucks is struggling to attract adults who are balking at $6 lattes. That’s as it tries to appease "},{"type":"link","data":{"data-web-url":"https://www.bloomberg.com/news/articles/2024-08-09/starbucks-rises-after-starboard-reported-to-take-stake-in-chain?srnd=undefined","href":"bbg://news/stories/SHYXU3T0G1KW","itemprop":"StoryLink","itemscope":"itemscope","target":"_blank","title":"Starbucks Gains as Activist Starboard Reportedly Takes Stake","webUrl":"https://www.bloomberg.com/news/articles/2024-08-09/starbucks-rises-after-starboard-reported-to-take-stake-in-chain?srnd=undefined","tooltip":"Starbucks Gains as Activist Starboard Reportedly Takes Stake","destination":{"web":"https://www.bloomberg.com/news/articles/2024-08-09/starbucks-rises-after-starboard-reported-to-take-stake-in-chain?srnd=undefined","bbg":"bbg://news/stories/SHYXU3T0G1KW"}},"content":[{"type":"text","value":"an activist investor"}]},{"type":"text","value":", conduct contract negotiations with unionized workers, quell boycotts about its "},{"type":"link","data":{"data-web-url":"https://www.bloomberg.com/news/features/2024-01-26/israel-hamas-war-starbucks-coke-mcdonald-s-hit-by-middle-east-boycotts","href":"bbg://news/stories/S7UOGBDWLU68","itemprop":"StoryLink","itemscope":"itemscope","target":"_blank","title":"Starbucks, Coke Boycotts Over Gaza War Are Boosting Middle East Rivals","webUrl":"https://www.bloomberg.com/news/features/2024-01-26/israel-hamas-war-starbucks-coke-mcdonald-s-hit-by-middle-east-boycotts","tooltip":"Starbucks, Coke Boycotts Over Gaza War Are Boosting Middle East Rivals","destination":{"web":"https://www.bloomberg.com/news/features/2024-01-26/israel-hamas-war-starbucks-coke-mcdonald-s-hit-by-middle-east-boycotts","bbg":"bbg://news/stories/S7UOGBDWLU68"}},"content":[{"type":"text","value":"perceived stance in the Middle East"}]},{"type":"text","value":" and "},{"type":"link","data":{"data-web-url":"https://www.bloomberg.com/news/articles/2024-09-24/starbucks-sbux-shuffles-top-ranks-in-china-in-latest-move-by-ceo-brian-niccol?srnd=undefined","href":"bbg://news/stories/SKBLEZDWRGG0","itemprop":"StoryLink","itemscope":"itemscope","target":"_blank","title":" Consumer Starbucks Shuffles Top China Ranks in New CEO’s Latest Move","webUrl":"https://www.bloomberg.com/news/articles/2024-09-24/starbucks-sbux-shuffles-top-ranks-in-china-in-latest-move-by-ceo-brian-niccol?srnd=undefined","tooltip":" Consumer Starbucks Shuffles Top China Ranks in New CEO’s Latest Move","destination":{"web":"https://www.bloomberg.com/news/articles/2024-09-24/starbucks-sbux-shuffles-top-ranks-in-china-in-latest-move-by-ceo-brian-niccol?srnd=undefined","bbg":"bbg://news/stories/SKBLEZDWRGG0"}},"content":[{"type":"text","value":"revive its business in China"}]},{"type":"text","value":". And for those busy grown-ups who are just fine with $6 lattes, the company "},{"type":"link","data":{"data-web-url":"https://www.bloomberg.com/news/features/2024-05-29/starbucks-wait-times-jump-after-changing-work-algorithm-staffers-say","href":"bbg://news/stories/SE8V9IDWX2PS","itemprop":"StoryLink","itemscope":"itemscope","target":"_blank","title":"40 Minutes for Starbucks Coffee? Customers and Workers Fume Over Fewer Staff","webUrl":"https://www.bloomberg.com/news/features/2024-05-29/starbucks-wait-times-jump-after-changing-work-algorithm-staffers-say","tooltip":"40 Minutes for Starbucks Coffee? Customers and Workers Fume Over Fewer Staff","destination":{"web":"https://www.bloomberg.com/news/features/2024-05-29/starbucks-wait-times-jump-after-changing-work-algorithm-staffers-say","bbg":"bbg://news/stories/SE8V9IDWX2PS"}},"content":[{"type":"text","value":"can’t seem to serve them up fast enough"}]},{"type":"text","value":", with instances of 20-plus-minute wait times. In August, met with an "},{"type":"link","data":{"data-web-url":"https://www.bloomberg.com/news/articles/2023-08-01/starbucks-revenue-misses-estimates-as-its-us-growth-slips","href":"bbg://news/stories/RYQF08T0AFB4","itemprop":"StoryLink","itemscope":"itemscope","target":"_blank","title":" Starbucks Revenue Misses Estimates as Its US Growth Slips","webUrl":"https://www.bloomberg.com/news/articles/2023-08-01/starbucks-revenue-misses-estimates-as-its-us-growth-slips","tooltip":" Starbucks Revenue Misses Estimates as Its US Growth Slips","destination":{"web":"https://www.bloomberg.com/news/articles/2023-08-01/starbucks-revenue-misses-estimates-as-its-us-growth-slips","bbg":"bbg://news/stories/RYQF08T0AFB4"}},"content":[{"type":"text","value":"overall decline in sales"}]},{"type":"text","value":"—a situation so rare it’s only happened during two periods in the past 30 years, during the 2008 financial crisis and the pandemic—the company ousted its latest CEO in favor of "},{"type":"entity","subType":"person","data":{"person":{"identifiers":{"personId":null}},"link":{"href":"bbg://people/profile/16725621","itemprop":"StoryLink","itemscope":"itemscope","target":"_blank","destination":{"bbg":"bbg://people/profile/16725621"}}},"content":[{"type":"text","value":"Brian Niccol"}],"meta":{"type":"ProfileLink"}},{"type":"text","value":", who’s turned around "},{"type":"link","data":{"href":"bbg://securities/CMG%20US%20Equity","itemprop":"StoryLink","itemscope":"itemscope","target":"_blank","destination":{"bbg":"bbg://securities/CMG%20US%20Equity"}},"content":[{"type":"text","value":"Chipotle Mexican Grill Inc."}]},{"type":"text","value":" and Taco Bell in recent years."}]},{"type":"media","subType":"photo","data":{"identifiers":{"avmmId":418415890},"remoteContent":[{"link":{"destination":{"bbg":"http://resource.bloomberg.com/images/418415890","web":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/ixZ2J_DGiT8s/v1/-1x-1.webp"}},"rendition":"highres"}],"photo":{"align":"left","data-align":"left","data-id":"418415890","data-image-size":"column","data-image-type":"photo","data-type":"image","id":418415890,"imageSize":"column","imageType":"photo","type":"image","src":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/ixZ2J_DGiT8s/v1/-1x-1.webp","alt":"Brian Niccol, Starbucks’ new CEO","caption":"Niccol, Starbucks\u0026#x2019; new CEO.","credit":"Photographer: Bobby Doherty for Bloomberg Businessweek"},"attachment":{"alt":null,"caption":null,"credit":null,"height":2200,"id":"418415890","origHeight":2200,"origWidth":1760,"size":null,"title":"1824_FEAT_STARBUCKS_05 This image can only be used with attached article for period of 90 days from publication","type":"image","url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/ixZ2J_DGiT8s/v1/-1x-1.webp","width":1760,"themes":null,"__typename":"Image"}}},{"type":"paragraph","data":{},"content":[{"type":"text","value":"Niccol is now faced with the challenge that has dogged Starbucks for decades: mapping out its future as both an oasis filled with the aromas of Veranda blonde roast and a one-stop shop for kaleidoscopic liquid fun, a place where rowdy teens can gather after school without alienating the grown-ups. Plenty is riding on how he navigates that. Even as Starbucks’ stock surged with Niccol’s appointment, the company’s shares were almost unchanged this year through Oct. 7, while the S\u0026P 500 index climbed more than 19%. In September, on his second day on the job, Niccol "},{"type":"link","data":{"data-web-url":"https://www.bloomberg.com/news/articles/2024-09-10/starbucks-new-ceo-vows-turnaround-with-focus-on-stores-coffee?srnd=undefined","href":"bbg://news/stories/SJLVC6T1UM0W","itemprop":"StoryLink","itemscope":"itemscope","target":"_blank","title":"Starbucks’ New CEO Vows to Make Cafes ‘Inviting’ Once Again","webUrl":"https://www.bloomberg.com/news/articles/2024-09-10/starbucks-new-ceo-vows-turnaround-with-focus-on-stores-coffee?srnd=undefined","tooltip":"Starbucks’ New CEO Vows to Make Cafes ‘Inviting’ Once Again","destination":{"web":"https://www.bloomberg.com/news/articles/2024-09-10/starbucks-new-ceo-vows-turnaround-with-focus-on-stores-coffee?srnd=undefined","bbg":"bbg://news/stories/SJLVC6T1UM0W"}},"content":[{"type":"text","value":"outlined a plan"}]},{"type":"text","value":" reminiscent of Schultz’s early days, which includes high-quality, handcrafted brew served in an atmosphere that encourages guests to linger as they once did. “It all starts with coffee,” the new boss told employees in an internal forum, according to a transcript seen by "},{"type":"text","value":"Bloomberg Businessweek","attributes":{"emphasis":true}},{"type":"text","value":". But Niccol is also the guy who put the “fast” back in fast-casual at Chipotle and transformed Doritos into supersize taco shells at Taco Bell. “I’m not saying we’re not going to sell other drinks, OK. We will,” he added. “We’ll probably have to figure out what is the appropriate amount of other drinks.”"}]},{"type":"paragraph","data":{"class":"section-break"},"content":[{"type":"text","value":"In April 2017 an image of pink powder in a bag bearing the Starbucks name set the internet abuzz. The mysterious substance prompted a blogger to speculate that the chain was looking to capitalize on the frenzy for unicorn-themed food and drinks that had cropped up on social media. Reddit teemed with guesses about the recipe details, and someone mused that, whatever it was, it tasted like tropical Skittles."}]},{"type":"paragraph","data":{},"content":[{"type":"text","value":"Within days, Starbucks owned up to the rumors on Instagram. It was about to drop a “color-changing, flavor-changing, potentially life-changing” Unicorn Frappuccino. The drink would feature that pink powder, mango syrup and “sour blue drizzle,” the press release announced. Vanilla whipped cream reminiscent of the creature’s horn topped the drink. The Unicorn Frappuccino would be available for only five days."}]},{"type":"paragraph","data":{},"content":[{"type":"text","value":"In some places it didn’t even last that long. One longtime Starbucks barista at a Reno, Nevada, location remembers a line for seven hours straight until supplies ran out. The customers skewed younger, he says, including tweens and teens. Kayla Davis, 12 at the time, documented her attempt to get the limited-edition Frappuccino with her mom and a friend in "},{"type":"link","data":{"href":"https://www.youtube.com/watch?v=eEQ8oTwEdcU","itemprop":"StoryLink","itemscope":"itemscope","target":"_blank","title":"We Are Davises on YouTube","tooltip":"We Are Davises on YouTube","destination":{"web":"https://www.youtube.com/watch?v=eEQ8oTwEdcU"}},"content":[{"type":"text","value":"a video that racked up 3.9 million views"}]},{"type":"text","value":". “They’re so pretty,” she said before snapping pictures of it. The drink became the chain’s most viral beverage until that point—an “incredible Instagrammable success,” then-Chief Financial Officer "},{"type":"entity","subType":"person","data":{"person":{"identifiers":{"personId":null}},"link":{"href":"bbg://people/profile/18637895","itemprop":"StoryLink","itemscope":"itemscope","target":"_blank","destination":{"bbg":"bbg://people/profile/18637895"}}},"content":[{"type":"text","value":"Scott Maw"}],"meta":{"type":"ProfileLink"}},{"type":"text","value":" told investors. Schultz described it as the “most stunning example of our understanding of digital and social media and Instagram.”"}]},{"type":"paragraph","data":{},"content":[{"type":"text","value":"The drink showed how far Starbucks had strayed from the days when fat-free milk was considered taboo for real coffee drinkers. Schultz finally relented in 1989 after he saw a store lose a customer who wanted skim. After that, he adopted a new company policy: Just say yes. (Schultz, who no longer has an official role with the company but is still one of the largest shareholders, declined to comment for this story.)"}]},{"type":"media","subType":"photo","data":{"identifiers":{"avmmId":418419466},"remoteContent":[{"link":{"destination":{"bbg":"http://resource.bloomberg.com/images/418419466","web":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iYK8aYdmTINk/v1/-1x-1.webp"}},"rendition":"highres"}],"photo":{"align":"right","data-align":"right","data-id":"418419466","data-image-size":"column","data-image-type":"photo","data-type":"image","id":418419466,"imageSize":"column","imageType":"photo","type":"image","src":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iYK8aYdmTINk/v1/-1x-1.webp","alt":"","caption":"Starbucks founder Schultz in 2002 at a Tokyo location of his growing coffee chain.","credit":"Photographer: Toru Yamanaka/Getty Images"},"attachment":{"alt":null,"caption":null,"credit":null,"height":1813,"id":"418419466","origHeight":1813,"origWidth":2200,"size":null,"title":"Wolf Image","type":"image","url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iYK8aYdmTINk/v1/-1x-1.webp","width":2200,"themes":null,"__typename":"Image"}}},{"type":"paragraph","data":{},"content":[{"type":"text","value":"In 1995 around 200,000 Frappuccinos were sold during the first week of their North American debut, twice as many as the chain had projected. The slushy drink that tasted more like a milkshake brought in people who weren’t usually coffee drinkers. It also sparked traffic in the afternoons and during warmer weather when cuddling up to a hot latte had less appeal. In 1996 the company added bottled Frappuccinos to supermarket shelves."}]},{"type":"paragraph","data":{},"content":[{"type":"text","value":"Soon enough, coffee stopped being a requirement for a major Starbucks beverage. In 2002 coffee-less Frappuccinos in vanilla, coconut and chai flavors were introduced. The lineup wasn’t just a caffeine-free option for afternoons and evenings; it also provided “parents the opportunity to share the Frappuccino experience with their kids and teens,” "},{"type":"entity","subType":"person","data":{"person":{"identifiers":{"personId":null}},"link":{"href":"bbg://people/profile/1432266","itemprop":"StoryLink","itemscope":"itemscope","target":"_blank","destination":{"bbg":"bbg://people/profile/1432266"}}},"content":[{"type":"text","value":"Orin Smith"}],"meta":{"type":"ProfileLink"}},{"type":"text","value":", the company’s CEO at the time, said on an earnings call. It also allowed Starbucks “to market to young people for whom caffeinated products may not be viewed as appropriate by the parents,” an executive told analysts. Eventually, Frappuccinos knew no bounds, with flavors like a Halloween “zombie” variety topped with pink whipped cream “brains” and gory red mocha drizzle."}]},{"type":"paragraph","data":{},"content":[{"type":"text","value":"In the early to mid-2000s, Starbucks realized its clientele was changing, and more families with kids were coming in, according to a senior leader who worked there at the time. Starbucks started selling flavored milk boxes and children’s reusable plastic sippy cups with toddler-friendly motifs such as bunnies and ladybugs. “We are very anxious to continue to grow our relationship with young adults and really make sure also that families are welcome at the store,” "},{"type":"entity","subType":"person","data":{"person":{"identifiers":{"personId":null}},"link":{"href":"bbg://people/profile/6421535","itemprop":"StoryLink","itemscope":"itemscope","target":"_blank","destination":{"bbg":"bbg://people/profile/6421535"}}},"content":[{"type":"text","value":"Anne Saunders"}],"meta":{"type":"ProfileLink"}},{"type":"text","value":", the head of global brand strategy until 2007, said on a call with analysts. It added organic kid-snack food pouches. Then cake pops and customizable Frappuccinos, with an array of milks, toppings and syrups. A customer could go to Starbucks’ website and design their own social-media-ready Frappuccino."}]},{"type":"paragraph","data":{},"content":[{"type":"text","value":"By 2011 the company had earned the mantle of teens’ favorite restaurant brand, according to a long-running survey by "},{"type":"link","data":{"href":"bbg://securities/PIPR%20US%20Equity","itemprop":"StoryLink","itemscope":"itemscope","target":"_blank","destination":{"bbg":"bbg://securities/PIPR%20US%20Equity"}},"content":[{"type":"text","value":"Piper Sandler Cos"}]},{"type":"text","value":". Schultz had earlier said that such recognitions were “strong evidence that social media innovation is resonating.” Several former senior executives, who spoke on condition of anonymity to avoid harming professional relationships, say Starbucks didn’t design products specifically for kids. But kids were definitely getting the message. A 2013 report by the Yale Rudd Center for Food Policy \u0026 Obesity found that the chain was among the restaurants targeting teens “"},{"type":"link","data":{"href":"https://www.rwjf.org/en/insights/our-research/2013/11/fast-food-facts-2013.html","itemprop":"StoryLink","itemscope":"itemscope","target":"_blank","title":" Fast Food Facts 2013 | RWJF","tooltip":" Fast Food Facts 2013 | RWJF","destination":{"web":"https://www.rwjf.org/en/insights/our-research/2013/11/fast-food-facts-2013.html"}},"content":[{"type":"text","value":"directly with marketing for unhealthy products"}]},{"type":"text","value":".” Despite watching 30% less television than adults, teens were seeing Starbucks ads as much as or more than grown-ups, evidence that the company, according to the report, had “likely purchased advertising in media viewed by relatively more adolescents than adults.” In other words, the researchers argued, it was intentional. (The company said the report was “inaccurate.”)"}]},{"type":"aside","data":{"class":"pullquote","data-align":"center","align":"center"},"content":[{"type":"paragraph","data":{},"content":[{"type":"text","value":"Starbucks has gotten so good at getting kids to hang out that schools are copying it"}]}]},{"type":"paragraph","data":{},"content":[{"type":"text","value":"Starbucks kept tinkering with products and promotions that would appeal to non-coffee drinkers. In 2012 it came out with Refreshers, a lineup of colorful, caffeinated fruit juices. Starbucks hailed the launch as a “breakthrough beverage innovation” thanks to a green coffee extract that tasted nothing like its brewed counterpart and delivered what the chain called a “natural boost of energy.” In 2015 it ran a contest for customers to vote for their favorite from six new Frappuccino flavors, including cotton candy and cupcake. “We have a constant effort year in and year out to make sure that we’re as relevant as possible with young people,” Schultz said in 2018. Over the next few years, the "},{"type":"link","data":{"href":"https://www.vox.com/the-goods/2019/3/5/18251948/ariana-grande-starbucks-cloud-macchiato-womens-day","itemprop":"StoryLink","itemscope":"itemscope","target":"_blank","title":"Ariana Grande is the face of a cloud-inspired Starbucks drink | Vox","tooltip":"Ariana Grande is the face of a cloud-inspired Starbucks drink | Vox","destination":{"web":"https://www.vox.com/the-goods/2019/3/5/18251948/ariana-grande-starbucks-cloud-macchiato-womens-day"}},"content":[{"type":"text","value":"company enlisted"}]},{"type":"text","value":" "},{"type":"entity","subType":"person","data":{"person":{"identifiers":{"personId":null}},"link":{"href":"bbg://people/profile/23266973","itemprop":"StoryLink","itemscope":"itemscope","target":"_blank","destination":{"bbg":"bbg://people/profile/23266973"}}},"content":[{"type":"text","value":"Ariana Grande"}],"meta":{"type":"ProfileLink"}},{"type":"text","value":" as a spokesperson, launched an online game with prizes, offered a back-to-school gift card adorned with a backpack overflowing with a notebook and pencils, and "},{"type":"link","data":{"href":"https://food52.com/blog/26798-taylor-swift-starbucks-drink","itemprop":"StoryLink","itemscope":"itemscope","target":"_blank","title":"Yes, You Can Order Taylor Swift's Favorite Latte at Starbucks | Food 52","tooltip":"Yes, You Can Order Taylor Swift's Favorite Latte at Starbucks | Food 52","destination":{"web":"https://food52.com/blog/26798-taylor-swift-starbucks-drink"}},"content":[{"type":"text","value":"joined forces"}]},{"type":"text","value":" with "},{"type":"entity","subType":"person","data":{"person":{"identifiers":{"personId":null}},"link":{"href":"bbg://people/profile/16458317","itemprop":"StoryLink","itemscope":"itemscope","target":"_blank","destination":{"bbg":"bbg://people/profile/16458317"}}},"content":[{"type":"text","value":"Taylor Swift"}],"meta":{"type":"ProfileLink"}},{"type":"text","value":", "},{"type":"text","value":"offering the megastar’s favorite drink, a grande caramel nonfat latte known as “Taylor’s Version.”"}]},{"type":"media","subType":"photo","data":{"identifiers":{"avmmId":418417002},"remoteContent":[{"link":{"destination":{"bbg":"http://resource.bloomberg.com/images/418417002","web":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iB9SNqx9iZTg/v1/-1x-1.webp"}},"rendition":"highres"}],"photo":{"align":"center","data-align":"center","data-id":"418417002","data-image-size":"column","data-image-type":"photo","data-type":"image","id":418417002,"imageSize":"column","imageType":"photo","type":"image","src":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iB9SNqx9iZTg/v1/-1x-1.webp","alt":"","caption":"","credit":"Photo Illustration: Danica Robinson for Bloomberg Businessweek"},"attachment":{"alt":null,"caption":null,"credit":null,"height":1207,"id":"418417002","origHeight":1207,"origWidth":2200,"size":null,"title":"1824_FEAT_STARBUCKS_08 This image can only be used with attached article for period of 90 days from publication","type":"image","url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iB9SNqx9iZTg/v1/-1x-1.webp","width":2200,"themes":null,"__typename":"Image"}}},{"type":"paragraph","data":{},"content":[{"type":"text","value":"Starbucks says its new products seek to appeal to the evolving tastes of a broad set of customers; sure, plenty of adults like Taylor Swift and cold, sweet drinks, too. But the use of celebrities, games, prizes and competitions are “taken from the food marketing playbook” aimed at kids and teens, says Mary Story, a professor in family medicine and community health at Duke Global Health Institute."}]},{"type":"paragraph","data":{},"content":[{"type":"text","value":"When "},{"type":"entity","subType":"person","data":{"person":{"identifiers":{"personId":null}},"link":{"href":"bbg://people/profile/19067074","itemprop":"StoryLink","itemscope":"itemscope","target":"_blank","destination":{"bbg":"bbg://people/profile/19067074"}}},"content":[{"type":"text","value":"Laxman Narasimhan"}],"meta":{"type":"ProfileLink"}},{"type":"text","value":", a former management consultant and consumer packaged-goods executive, replaced Schultz in early 2023, he went all-in on beverage innovation. He sped up the pipeline for new products, launching one in only three months, compared with the usual 12 to 18 months. In his less-than-two-year tenure, Narasimhan introduced those lavender and boba-inspired beverages, new energy drinks and a bottled version of the Pink Drink, allegedly "},{"type":"link","data":{"href":"https://www.tiktok.com/@jamescharles/video/7246198233742003499?lang=en","itemprop":"StoryLink","itemscope":"itemscope","target":"_blank","title":"James Charles on TikTok","tooltip":"James Charles on TikTok","destination":{"web":"https://www.tiktok.com/@jamescharles/video/7246198233742003499?lang=en"}},"content":[{"type":"text","value":"cribbed from a recipe by TikTok makeup influencer James Charles"}]},{"type":"text","value":". This past winter, during the Stanley cup craze, "},{"type":"link","data":{"href":"https://www.nbcnews.com/business/consumer/pink-stanley-target-starbucks-limited-edition-valentines-day-rcna132240","itemprop":"StoryLink","itemscope":"itemscope","target":"_blank","title":" Pink Stanley Quencher Starbucks cup release sparks mayhem at Target stores | NBC News","tooltip":" Pink Stanley Quencher Starbucks cup release sparks mayhem at Target stores | NBC News","destination":{"web":"https://www.nbcnews.com/business/consumer/pink-stanley-target-starbucks-limited-edition-valentines-day-rcna132240"}},"content":[{"type":"text","value":"Starbucks released its own $50 limited-edition version"}]},{"type":"text","value":", causing “chaos” as people camped out to get them, according to a report from NBC News. Earlier this year, Narasimhan pledged more product launches “squarely aimed at our Gen Z and millennial customers.” Months later, an "},{"type":"link","data":{"href":"https://www.usatoday.com/story/news/nation/2024/09/18/8-year-old-drives-to-target-dashcam-video/75275523007/","itemprop":"StoryLink","itemscope":"itemscope","target":"_blank","title":"8-year-old who drove to an Ohio Target in mom's SUV caught on dashcam video: Watch | USA Today","tooltip":"8-year-old who drove to an Ohio Target in mom's SUV caught on dashcam video: Watch | USA Today","destination":{"web":"https://www.usatoday.com/story/news/nation/2024/09/18/8-year-old-drives-to-target-dashcam-video/75275523007/"}},"content":[{"type":"text","value":"8-year-old in Ohio made headlines for driving herself to Target"}]},{"type":"text","value":", where police let her finish her Frappuccino."}]},{"type":"paragraph","data":{},"content":[{"type":"text","value":"Meanwhile, Starbucks cafes—many now tricked out with drive-thrus and lacking comfortable seating—are for most no longer that third space Schultz once envisioned, that “little neighborhood spot where you can take a break, listen to some jazz, and ponder universal or personal or even whimsical questions over a cup of coffee.” But to teens, they still offer what few other places do: a welcoming environment without time limits or purchase requirements. In 2018 two Black men were arrested while waiting in a Philadelphia Starbucks without ordering anything, leading a manager to call the police. The company apologized and, shortly after, created a formal “no purchase necessary” policy. Then there’s the free water, available even to noncustomers. The company understands the appeal. Teens who are in “middle school going into high school,” says Starbucks marketer Russell, “have a lot of downtime” and often need places “where you’re welcome to come in, you’re welcome to sit and stay.”"}]},{"type":"paragraph","data":{},"content":[{"type":"text","value":"Starbucks has gotten so good at getting kids to hang out that schools are copying it. Cafeterias are technically nonprofits, but because they often receive relatively few government dollars, they need to sell enough food to cover costs and upgrades. This has turned Starbucks, as well as other fast-food purveyors, into “huge competitors,” said Shannon Gleave, president of the School Nutrition Association, at its national conference in Boston in July. To keep kids on the premises and buying school lunches, cafeterias aren’t just imitating Starbucks’ food and drinks (always in compliance with federal nutrition standards, of course), they’re turning spaces into mini-Starbucks replicas."}]},{"type":"paragraph","data":{},"content":[{"type":"text","value":"“Is it Starbucks or School Food?” was the question posed in the description of a conference session on the success of one dining concept at a high school near Fort Worth, Texas. For an audience of more than 200 other school food professionals, child nutrition director Aaron Wylie and assistant director Meghan Martinson explained how simply mimicking the look of the chain can drive food sales. Photos showed a cafe-style area with dark wood paneling, large rectangular menus behind the counter and refrigerated cases carrying beverages and grab-and-go meals—basically Starbucks, minus the logo. The cafes provide “student-centered customer service” like customization and charging stations—and while they offer caffeinated beverages, they actually make up less than 1% of sales. The idea is “to feel like a full-service Starbucks,” Wylie said. A student in his old school district even developed an early version of their ordering app. “Yes, we sell coffee, but that’s really not what we’re selling,” Martinson said. “We’re selling that look.”"}]},{"type":"media","subType":"photo","data":{"identifiers":{"avmmId":418417147},"remoteContent":[{"link":{"destination":{"bbg":"http://resource.bloomberg.com/images/418417147","web":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iTcf9rRtDFTc/v1/-1x-1.webp"}},"rendition":"highres"}],"photo":{"align":"center","data-align":"center","data-id":"418417147","data-image-size":"column","data-image-type":"photo","data-type":"image","id":418417147,"imageSize":"column","imageType":"photo","type":"image","src":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iTcf9rRtDFTc/v1/-1x-1.webp","alt":"","caption":"","credit":"Photo Illustration: Danica Robinson for Bloomberg Businessweek"},"attachment":{"alt":null,"caption":null,"credit":null,"height":1723,"id":"418417147","origHeight":1723,"origWidth":2200,"size":null,"title":"1824_FEAT_STARBUCKS_09 This image can only be used with attached article for period of 90 days from publication","type":"image","url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iTcf9rRtDFTc/v1/-1x-1.webp","width":2200,"themes":null,"__typename":"Image"}}},{"type":"paragraph","data":{"class":"section-break"},"content":[{"type":"text","value":"Niccol became CEO of Taco Bell in 2015 after helping the chain recover from product-quality issues. One of his signature moves to revitalize the brand: that taco made of a giant Doritos shell. Then came the tweeting contest where someone could win early access to Doritos Locos Tacos for their town. The winner was a North Carolina high school student whose peers were so thankful they nominated him for prom king."}]},{"type":"paragraph","data":{},"content":[{"type":"text","value":"Taco Bell remains one of "},{"type":"link","data":{"href":"bbg://securities/YUM%20US%20Equity","itemprop":"StoryLink","itemscope":"itemscope","target":"_blank","destination":{"bbg":"bbg://securities/YUM%20US%20Equity"}},"content":[{"type":"text","value":"Yum! Brands Inc."}]},{"type":"text","value":"’s best-performing businesses. Niccol pulled off a similar feat at Chipotle, joining in 2018 and repairing its reputation after a string of food-safety incidents, along with speeding up service, adding products and constantly asking senior underlings what their kids were talking about. “I stay active on the key social media channels, and that’s really TikTok, Snapchat, Instagram,” he said on a podcast this year."}]},{"type":"ad","data":{"class":"ad news-designed-for-consumer-media","data-ad-type":"small-box","data-align":"left","adType":"small-box","align":"left","num":3,"pageId":"feature"},"content":[{"type":"text","value":" "}]},{"type":"paragraph","data":{},"content":[{"type":"text","value":"That résumé is why Starbucks lured Niccol with a $100 million-plus compensation package. One of his most important tasks—along with keeping contract negotiations with the union moving along—will be restoring excitement about a brand that, in his own words, has drifted from its core. “It can feel transactional, menus can feel overwhelming, product is inconsistent, the wait too long or the handoff too hectic,” he said in his September missive outlining his plans."}]},{"type":"paragraph","data":{},"content":[{"type":"text","value":"To turn Starbucks around, he might have to do the unthinkable: slow the pace of product launches. At Chipotle, Niccol became known for a methodically focused system to develop only one or two limited-time offers a year. He’d run trials, gathering feedback from customers, employees and supply chain geeks as the project moved from tests in labs, to one or two restaurants, then to about 100 and finally to all of Chipotle’s stores. His disciplined approach paid off with hits such as brisket and chicken al pastor."}]},{"type":"inline-newsletter","data":{"position":"middle"},"content":[]},{"type":"paragraph","data":{},"content":[{"type":"text","value":"If Niccol wants to pare down Starbucks’ menu, it’s unlikely the chain will do away with anything wildly popular, like Refreshers, says "},{"type":"entity","subType":"person","data":{"person":{"identifiers":{"personId":null}},"link":{"href":"bbg://people/profile/4804954","itemprop":"StoryLink","itemscope":"itemscope","target":"_blank","destination":{"bbg":"bbg://people/profile/4804954"}}},"content":[{"type":"text","value":"Sharon Zackfia"}],"meta":{"type":"ProfileLink"}},{"type":"text","value":", an analyst at William Blair \u0026 Co. But the company needs to steer away from releasing drinks that feel like “a color of the month,” she says. Starbucks’ Pellicano says for her new boss—who’s said he’ll focus on adding comfortable seating and making the stores a cozy place to linger—it’s as much about the vibe as it is about what people are drinking. “When I hear Brian say, ‘Back to Starbucks,’ that to me is as important as what’s in the cup,” she says, emphasizing that it’s a place “for people of all generations.” But he’ll have to balance that with Gen Z’s desire for novelty. They want “new news extremely frequently,” says Betty Kaufman at the Culinary Edge, a consulting firm."}]},{"type":"media","subType":"photo","data":{"identifiers":{"avmmId":418419600},"remoteContent":[{"link":{"destination":{"bbg":"http://resource.bloomberg.com/images/418419600","web":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/isriBDnx7NO4/v2/-1x-1.webp"}},"rendition":"highres"}],"photo":{"align":"center","data-align":"center","data-id":"418419600","data-image-size":"column","data-image-type":"photo","data-type":"image","id":418419600,"imageSize":"column","imageType":"photo","type":"image","src":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/isriBDnx7NO4/v2/-1x-1.webp","alt":"","caption":"Cars in line at a Starbucks drive-thru in Bloomsburg, Pennsylvania, this year.","credit":"Photographer: Paul Weaver/Getty Images"},"attachment":{"alt":null,"caption":null,"credit":null,"height":1467,"id":"418419600","origHeight":1467,"origWidth":2200,"size":null,"title":"Wolf Image","type":"image","url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/isriBDnx7NO4/v2/-1x-1.webp","width":2200,"themes":null,"__typename":"Image"}}},{"type":"paragraph","data":{},"content":[{"type":"text","value":"That spigot of beverages is what’s of concern to health experts. When adults consume caffeine, it lifts that fatigue fog, and the day ahead becomes less daunting. Too much caffeine can backfire—jitters, anxiety, even nausea. And it’s addictive. The bodily response for kids isn’t much different. And it can take less caffeine to get there. Researchers have found that while “moderate caffeine consumption in children and adolescents is relatively safe,” even 100 milligrams—or a single cup of coffee—can lead to some of those negative effects, according to "},{"type":"link","data":{"href":"https://www.sciencedirect.com/science/article/abs/pii/S0890856718318847#:~:text=The%20majority%20of%20the%20literature,of%20children%2C%20such%20as%20those","itemprop":"StoryLink","itemscope":"itemscope","target":"_blank","title":"Review: Trends, Safety, and Recommendations for Caffeine Use in Children and Adolescents | Science Direct","tooltip":"Review: Trends, Safety, and Recommendations for Caffeine Use in Children and Adolescents | Science Direct","destination":{"web":"https://www.sciencedirect.com/science/article/abs/pii/S0890856718318847#:~:text=The%20majority%20of%20the%20literature,of%20children%2C%20such%20as%20those"}},"content":[{"type":"text","value":"a review of 90 studies"}]},{"type":"text","value":" published in the "},{"type":"text","value":"Journal of the American Academy of Child \u0026 Adolescent Psychiatry","attributes":{"emphasis":true}},{"type":"text","value":" in 2019. The authors also highlighted possible associations between caffeine intake in kids and anger, violent behavior, drug and alcohol use, depression and sleep disruption that led to lowered academic performance. Of course, adding sugar leads to drinking more of it, whether it’s an iced coffee, a strawberry açaí lemonade Refresher or, in the case of Panera Bread, an allegedly deadly bottomless cup of Charged Lemonade. (Panera has said it stands by the safety of its beverages, but it discontinued the drink in May.)"}]},{"type":"ad","data":{"class":"ad news-designed-for-consumer-media","data-ad-type":"leaderboard","data-align":"center","adType":"leaderboard","align":"center","num":4,"pageId":"feature"},"content":[{"type":"text","value":" "}]},{"type":"paragraph","data":{},"content":[{"type":"text","value":"Kids and parents aren’t always aware that the Starbucks Refreshers lineup, which includes the hugely popular strawberry açaí, is caffeinated. For anyone looking, Starbucks makes it easy enough to find the caffeine and sugar content right on its app. But for busy parents with kids in tow—or the kids themselves who aren’t necessarily seeking out the information—the numbers aren’t listed on store menus. While the company has said coffee- and espresso-based drinks account for most of sales, Pellicano says that Starbucks is “so pleased” with the popularity of Refreshers among afternoon customers, including the Gen Z crowd. She notes that the caffeine content in them is “generally exceedingly low and at parity, frankly, almost with regular American soft drinks and sodas,” adding that 65% of Starbucks’ offerings are sugar-free, allowing consumers to make their own choices. That “indulgent” afternoon drink, she says, is “offset by a portfolio that’s really fulsome and complementary.” Earlier this year, Starbucks waded further into the latest teen caffeine craze and introduced a line of low-calorie “handcrafted” energy drinks that mix fruity flavors with iced tea. They’re available only in 24-ounce cups, and they contain as much as 205mg of caffeine, or about the amount in two cups of coffee or six cans of Coke."}]},{"type":"paragraph","data":{},"content":[{"type":"text","value":"Kids consuming too much caffeine is on the radar of health professionals, and a group at Duke Global Health Institute is developing beverage recommendations due out in the next few months. But the experts are finding a lack of research on caffeine intake for young kids. “Some are more sensitive to caffeine than others,” says "},{"type":"entity","subType":"person","data":{"person":{"identifiers":{"personId":null}},"link":{"href":"bbg://people/profile/19277687","itemprop":"StoryLink","itemscope":"itemscope","target":"_blank","destination":{"bbg":"bbg://people/profile/19277687"}}},"content":[{"type":"text","value":"Megan Lott"}],"meta":{"type":"ProfileLink"}},{"type":"text","value":", deputy director of policy and research for Healthy Eating Research, a national program of the Robert Wood Johnson Foundation. “You can have a very small 13- or 14-year-old where 100mg [or about an average cup of coffee] is too much.” A spokesperson for the American Academy of Pediatrics says it discourages any caffeine use by kids and teens."}]},{"type":"paragraph","data":{},"content":[{"type":"text","value":"For now, the company has found yet another way to capture the after-school crowd: Early in October, a Starbucks in Westchester County, New York, displayed gift cards co-branded with the highly anticipated film adaptation of "},{"type":"text","value":"Wicked","attributes":{"emphasis":true}},{"type":"text","value":". It was just a few days after "},{"type":"link","data":{"href":"https://parade.com/news/starbucks-wicked-inspired-drinks-leaked-menu-fans-react-photos","itemprop":"StoryLink","itemscope":"itemscope","target":"_blank","title":"Starbucks Fans Lose it Over New 'Wicked' Inspired Drinks in Leaked Fall Menu Drop | Parade","tooltip":"Starbucks Fans Lose it Over New 'Wicked' Inspired Drinks in Leaked Fall Menu Drop | Parade","destination":{"web":"https://parade.com/news/starbucks-wicked-inspired-drinks-leaked-menu-fans-react-photos"}},"content":[{"type":"text","value":"photos of new drinks inspired by the movie"}]},{"type":"text","value":" leaked onto the internet. Starbucks declined to comment on rumors of a "},{"type":"text","value":"Wicked","attributes":{"emphasis":true}},{"type":"text","value":" collab, but according to fans on Instagram, the drinks include Glinda’s Pink Potion and Elphaba’s Green Elixir. One is a hot pink mango dragonfruit Refresher made with coconut milk, and the other is a cold brew with green peppermint syrup dripping inside the clear cup. Both are topped with colorful candy sprinkles and will most certainly sparkle on the socials. —"},{"type":"text","value":"With ","attributes":{"emphasis":true}},{"type":"entity","subType":"person","data":{"person":{"identifiers":{"personId":null}},"link":{"href":"bbg://people/profile/22647218","itemprop":"StoryLink","itemscope":"itemscope","target":"_blank","destination":{"bbg":"bbg://people/profile/22647218"}}},"content":[{"type":"text","value":"Jo Costantz","attributes":{"emphasis":true}}],"meta":{"type":"ProfileLink"}},{"type":"text","value":", ","attributes":{"emphasis":true}},{"type":"entity","subType":"person","data":{"person":{"identifiers":{"personId":null}},"link":{"href":"bbg://people/profile/18756871","itemprop":"StoryLink","itemscope":"itemscope","target":"_blank","destination":{"bbg":"bbg://people/profile/18756871"}}},"content":[{"type":"text","value":"Josh Eidelson","attributes":{"emphasis":true}}],"meta":{"type":"ProfileLink"}},{"type":"text","value":", 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data-element=\"tophat-link\" data-description=\"Philanthropy\" data-label=\"bcom\" tabindex=\"0\"\u003ePhilanthropy\u003c/a\u003e\u003c/li\u003e\u003cli class=\"bb-that-category__item\"\u003e\u003ca class=\"bb-that-category__link\" href=\"https://www.bloomberg.com/company/sustainability/?utm_source=bloomberg-menu\u0026amp;utm_medium=bcom\" data-element=\"tophat-link\" data-description=\"Sustainability\" data-label=\"bcom\" tabindex=\"0\"\u003eSustainability\u003c/a\u003e\u003c/li\u003e\u003cli class=\"bb-that-category__item\"\u003e\u003ca class=\"bb-that-category__link\" href=\"https://www.bloomberg.com/london/?utm_source=bloomberg-menu\u0026amp;utm_medium=bcom\" data-element=\"tophat-link\" data-description=\"Bloomberg London\" data-label=\"bcom\" tabindex=\"0\"\u003eBloomberg London\u003c/a\u003e\u003c/li\u003e\u003cli class=\"bb-that-category__item\"\u003e\u003ca class=\"bb-that-category__link\" href=\"https://www.bloomberg.com/company/values/tech-at-bloomberg/bloomberg-beta/?utm_source=bloomberg-menu\u0026amp;utm_medium=bcom\" data-element=\"tophat-link\" data-description=\"Bloomberg Beta\" data-label=\"bcom\" tabindex=\"0\"\u003eBloomberg Beta\u003c/a\u003e\u003c/li\u003e\u003c/ul\u003e\u003c/section\u003e \u003csection class=\"bb-that-category\"\u003e\n \u003ch3 id=\"that-list--communications--5\" class=\"bb-that-category__title\"\u003eCommunications\u003c/h3\u003e\u003cul class=\"bb-that-category__content\" aria-labelledby=\"that-list--communications--5\"\u003e\u003cli class=\"bb-that-category__item\"\u003e\u003ca class=\"bb-that-category__link\" href=\"https://www.bloomberg.com/company/announcements/?utm_source=bloomberg-menu\u0026amp;utm_medium=bcom\" data-element=\"tophat-link\" data-description=\"Press Announcements\" data-label=\"bcom\" tabindex=\"0\"\u003ePress Announcements\u003c/a\u003e\u003c/li\u003e\u003cli class=\"bb-that-category__item\"\u003e\u003ca 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class=\"bb-that-category__social-link bb-that--icon-instagram\" data-element=\"tophat-link\" data-description=\"Instagram\" data-label=\"bcom\" target=\"_blank\" rel=\"noopener\" tabindex=\"0\"\u003eInstagram\u003c/a\u003e\u003c/li\u003e\u003cli class=\"bb-that-category__item\"\u003e\u003ca href=\"https://www.linkedin.com/company/2494\" class=\"bb-that-category__social-link bb-that--icon-linkedin\" data-element=\"tophat-link\" data-description=\"LinkedIn\" data-label=\"bcom\" target=\"_blank\" rel=\"noopener\" tabindex=\"0\"\u003eLinkedIn\u003c/a\u003e\u003c/li\u003e\u003cli class=\"bb-that-category__item\"\u003e\u003ca href=\"https://twitter.com/bloomberg\" class=\"bb-that-category__social-link bb-that--icon-twitter\" data-element=\"tophat-link\" data-description=\"Twitter\" data-label=\"bcom\" target=\"_blank\" rel=\"noopener\" tabindex=\"0\"\u003eTwitter\u003c/a\u003e\u003c/li\u003e\u003cli class=\"bb-that-category__item\"\u003e\u003ca href=\"https://www.youtube.com/@bloomberglp\" class=\"bb-that-category__social-link bb-that--icon-youtube\" data-element=\"tophat-link\" data-description=\"YouTube\" data-label=\"bcom\" target=\"_blank\" rel=\"noopener\" tabindex=\"0\"\u003eYouTube\u003c/a\u003e\u003c/li\u003e\u003c/ul\u003e\u003c/section\u003e \u003c/li\u003e\n \u003cli class=\"bb-that__col bb-that__col--md\"\u003e\n \u003csection class=\"bb-that-category\"\u003e\n \u003ch3 id=\"that-list--products--7\" class=\"bb-that-category__title\"\u003eProducts\u003c/h3\u003e\u003cul class=\"bb-that-category__content\" aria-labelledby=\"that-list--products--7\"\u003e\u003cli class=\"bb-that-category__item\"\u003e\u003ca class=\"bb-that-category__link\" href=\"https://www.bloomberg.com/professional/products/bloomberg-terminal/?utm_source=bloomberg-menu\u0026amp;utm_medium=bcom\" data-element=\"tophat-link\" data-description=\"Bloomberg Terminal\" data-label=\"bcom\" tabindex=\"0\"\u003eBloomberg Terminal\u003c/a\u003e\u003c/li\u003e\u003cli class=\"bb-that-category__item\"\u003e\u003ca class=\"bb-that-category__link\" href=\"https://www.bloomberg.com/professional/products/data/?utm_source=bloomberg-menu\u0026amp;utm_medium=bcom\" data-element=\"tophat-link\" data-description=\"Data\" data-label=\"bcom\" tabindex=\"0\"\u003eData\u003c/a\u003e\u003c/li\u003e\u003cli class=\"bb-that-category__item\"\u003e\u003ca class=\"bb-that-category__link\" href=\"https://www.bloomberg.com/professional/products/trading/?utm_source=bloomberg-menu\u0026amp;utm_medium=bcom\" data-element=\"tophat-link\" data-description=\"Trading\" data-label=\"bcom\" tabindex=\"0\"\u003eTrading\u003c/a\u003e\u003c/li\u003e\u003cli class=\"bb-that-category__item\"\u003e\u003ca class=\"bb-that-category__link\" href=\"https://www.bloomberg.com/professional/products/risk/?utm_source=bloomberg-menu\u0026amp;utm_medium=bcom\" data-element=\"tophat-link\" data-description=\"Risk\" data-label=\"bcom\" tabindex=\"0\"\u003eRisk\u003c/a\u003e\u003c/li\u003e\u003cli class=\"bb-that-category__item\"\u003e\u003ca class=\"bb-that-category__link\" href=\"https://www.bloomberg.com/professional/products/compliance/?utm_source=bloomberg-menu\u0026amp;utm_medium=bcom\" data-element=\"tophat-link\" data-description=\"Compliance\" data-label=\"bcom\" tabindex=\"0\"\u003eCompliance\u003c/a\u003e\u003c/li\u003e\u003cli class=\"bb-that-category__item\"\u003e\u003ca class=\"bb-that-category__link\" href=\"https://www.bloomberg.com/professional/products/indices/?utm_source=bloomberg-menu\u0026amp;utm_medium=bcom\" data-element=\"tophat-link\" data-description=\"Indices\" data-label=\"bcom\" tabindex=\"0\"\u003eIndices\u003c/a\u003e\u003c/li\u003e\u003c/ul\u003e\u003c/section\u003e \u003csection class=\"bb-that-category\"\u003e\n \u003ch3 id=\"that-list--industry_products--8\" class=\"bb-that-category__title\"\u003eIndustry Products\u003c/h3\u003e\u003cul class=\"bb-that-category__content\" aria-labelledby=\"that-list--industry_products--8\"\u003e\u003cli class=\"bb-that-category__item\"\u003e\u003ca class=\"bb-that-category__link\" href=\"https://pro.bloomberglaw.com/?utm_source=bloomberg-menu\u0026amp;utm_medium=bcom\" data-element=\"tophat-link\" data-description=\"Bloomberg Law\" data-label=\"bcom\" tabindex=\"0\"\u003eBloomberg Law\u003c/a\u003e\u003c/li\u003e\u003cli class=\"bb-that-category__item\"\u003e\u003ca class=\"bb-that-category__link\" href=\"https://pro.bloombergtax.com/?utm_source=bloomberg-menu\u0026amp;utm_medium=bcom\" data-element=\"tophat-link\" data-description=\"Bloomberg Tax\" data-label=\"bcom\" tabindex=\"0\"\u003eBloomberg Tax\u003c/a\u003e\u003c/li\u003e\u003cli class=\"bb-that-category__item\"\u003e\u003ca class=\"bb-that-category__link\" href=\"https://about.bgov.com/?utm_source=bloomberg-menu\u0026amp;utm_medium=bcom\" data-element=\"tophat-link\" data-description=\"Bloomberg Government\" data-label=\"bcom\" tabindex=\"0\"\u003eBloomberg Government\u003c/a\u003e\u003c/li\u003e\u003cli class=\"bb-that-category__item\"\u003e\u003ca class=\"bb-that-category__link\" href=\"https://about.bnef.com/?utm_source=bloomberg-menu\u0026amp;utm_medium=bcom\" data-element=\"tophat-link\" data-description=\"BloombergNEF\" data-label=\"bcom\" tabindex=\"0\"\u003eBloombergNEF\u003c/a\u003e\u003c/li\u003e\u003c/ul\u003e\u003c/section\u003e \u003c/li\u003e\n \u003cli class=\"bb-that__col bb-that__col--md\"\u003e\n \u003csection class=\"bb-that-category\"\u003e\n \u003ch3 id=\"that-list--media--9\" class=\"bb-that-category__title\"\u003eMedia\u003c/h3\u003e\u003cul class=\"bb-that-category__content\" aria-labelledby=\"that-list--media--9\"\u003e\u003cli class=\"bb-that-category__item\"\u003e\u003ca class=\"bb-that-category__link\" href=\"https://www.bloomberg.com/markets/?utm_source=bloomberg-menu\u0026amp;utm_medium=bcom\" data-element=\"tophat-link\" data-description=\"Bloomberg Markets\" data-label=\"bcom\" tabindex=\"0\"\u003eBloomberg Markets\u003c/a\u003e\u003c/li\u003e\u003cli class=\"bb-that-category__item\"\u003e\u003ca class=\"bb-that-category__link\" href=\"https://www.bloomberg.com/technology/?utm_source=bloomberg-menu\u0026amp;utm_medium=bcom\" data-element=\"tophat-link\" data-description=\"Bloomberg Technology\" data-label=\"bcom\" tabindex=\"0\"\u003eBloomberg Technology\u003c/a\u003e\u003c/li\u003e\u003cli class=\"bb-that-category__item\"\u003e\u003ca class=\"bb-that-category__link\" href=\"https://www.bloomberg.com/pursuits/?utm_source=bloomberg-menu\u0026amp;utm_medium=bcom\" data-element=\"tophat-link\" data-description=\"Bloomberg Pursuits\" data-label=\"bcom\" tabindex=\"0\"\u003eBloomberg Pursuits\u003c/a\u003e\u003c/li\u003e\u003cli class=\"bb-that-category__item\"\u003e\u003ca class=\"bb-that-category__link\" href=\"https://www.bloomberg.com/politics/?utm_source=bloomberg-menu\u0026amp;utm_medium=bcom\" data-element=\"tophat-link\" data-description=\"Bloomberg Politics\" data-label=\"bcom\" tabindex=\"0\"\u003eBloomberg Politics\u003c/a\u003e\u003c/li\u003e\u003cli class=\"bb-that-category__item\"\u003e\u003ca class=\"bb-that-category__link\" href=\"https://www.bloomberg.com/opinion/?utm_source=bloomberg-menu\u0026amp;utm_medium=bcom\" data-element=\"tophat-link\" data-description=\"Bloomberg Opinion\" data-label=\"bcom\" tabindex=\"0\"\u003eBloomberg Opinion\u003c/a\u003e\u003c/li\u003e\u003cli class=\"bb-that-category__item\"\u003e\u003ca class=\"bb-that-category__link\" href=\"https://www.bloomberg.com/businessweek/?utm_source=bloomberg-menu\u0026amp;utm_medium=bcom\" data-element=\"tophat-link\" data-description=\"Bloomberg Businessweek\" data-label=\"bcom\" tabindex=\"0\"\u003eBloomberg Businessweek\u003c/a\u003e\u003c/li\u003e\u003cli class=\"bb-that-category__item\"\u003e\u003ca class=\"bb-that-category__link\" href=\"https://www.bloomberglive.com/?utm_source=bloomberg-menu\u0026amp;utm_medium=bcom\" data-element=\"tophat-link\" data-description=\"Bloomberg Live Conferences\" data-label=\"bcom\" tabindex=\"0\"\u003eBloomberg Live Conferences\u003c/a\u003e\u003c/li\u003e\u003cli class=\"bb-that-category__item\"\u003e\u003ca class=\"bb-that-category__link\" href=\"https://www.bloombergradio.com/?utm_source=bloomberg-menu\u0026amp;utm_medium=bcom\" data-element=\"tophat-link\" data-description=\"Bloomberg Radio\" data-label=\"bcom\" tabindex=\"0\"\u003eBloomberg Radio\u003c/a\u003e\u003c/li\u003e\u003cli class=\"bb-that-category__item\"\u003e\u003ca class=\"bb-that-category__link\" href=\"https://www.bloomberg.com/live?utm_source=bloomberg-menu\u0026amp;utm_medium=bcom\" data-element=\"tophat-link\" data-description=\"Bloomberg Television\" data-label=\"bcom\" tabindex=\"0\"\u003eBloomberg Television\u003c/a\u003e\u003c/li\u003e\u003cli class=\"bb-that-category__item\"\u003e\u003ca class=\"bb-that-category__link\" href=\"https://www.bloomberg.com/company/news-bureaus/?utm_source=bloomberg-menu\u0026amp;utm_medium=bcom\" data-element=\"tophat-link\" data-description=\"News Bureaus\" data-label=\"bcom\" tabindex=\"0\"\u003eNews Bureaus\u003c/a\u003e\u003c/li\u003e\u003c/ul\u003e\u003c/section\u003e \u003csection class=\"bb-that-category\"\u003e\n \u003ch3 id=\"that-list--media_services--10\" class=\"bb-that-category__title\"\u003eMedia Services\u003c/h3\u003e\u003cul class=\"bb-that-category__content\" aria-labelledby=\"that-list--media_services--10\"\u003e\u003cli class=\"bb-that-category__item\"\u003e\u003ca class=\"bb-that-category__link\" href=\"https://www.bloomberg.com/distribution?utm_source=bloomberg-menu\u0026amp;utm_medium=bcom\" data-element=\"tophat-link\" data-description=\"Bloomberg Media Distribution\" data-label=\"bcom\" tabindex=\"0\"\u003eBloomberg Media Distribution\u003c/a\u003e\u003c/li\u003e\u003cli class=\"bb-that-category__item\"\u003e\u003ca class=\"bb-that-category__link\" href=\"https://www.bloombergmedia.com/?utm_source=bloomberg-menu\u0026amp;utm_medium=bcom\" data-element=\"tophat-link\" data-description=\"Advertising\" data-label=\"bcom\" tabindex=\"0\"\u003eAdvertising\u003c/a\u003e\u003c/li\u003e\u003c/ul\u003e\u003c/section\u003e \u003c/li\u003e\n \u003c/ul\u003e\n\n \u003cul class=\"bb-that__sitemap-sections bb-that--visible-sm\"\u003e\n \u003cli class=\"bb-that__col bb-that__col--sm\"\u003e\n \u003csection class=\"bb-that-category\"\u003e\n \u003ch3 id=\"that-list--company--11\" class=\"bb-that-category__title\"\u003eCompany\u003c/h3\u003e\u003cul class=\"bb-that-category__content\" aria-labelledby=\"that-list--company--11\"\u003e\u003cli class=\"bb-that-category__item\"\u003e\u003ca class=\"bb-that-category__link\" href=\"https://www.bloomberg.com/company/?utm_source=bloomberg-menu\u0026amp;utm_medium=bcom\" data-element=\"tophat-link\" data-description=\"About\" data-label=\"bcom\" tabindex=\"0\"\u003eAbout\u003c/a\u003e\u003c/li\u003e\u003cli class=\"bb-that-category__item\"\u003e\u003ca class=\"bb-that-category__link\" href=\"https://www.bloomberg.com/company/what-we-do/?utm_source=bloomberg-menu\u0026amp;utm_medium=bcom\" data-element=\"tophat-link\" data-description=\"Careers\" data-label=\"bcom\" tabindex=\"0\"\u003eCareers\u003c/a\u003e\u003c/li\u003e\u003cli class=\"bb-that-category__item\"\u003e\u003ca class=\"bb-that-category__link\" href=\"https://www.bloomberg.com/company/diversity-inclusion/?utm_source=bloomberg-menu\u0026amp;utm_medium=bcom\" data-element=\"tophat-link\" data-description=\"Diversity and Inclusion\" data-label=\"bcom\" tabindex=\"0\"\u003eDiversity and Inclusion\u003c/a\u003e\u003c/li\u003e\u003cli class=\"bb-that-category__item\"\u003e\u003ca class=\"bb-that-category__link\" href=\"https://www.bloomberg.com/company/values/tech-at-bloomberg/?utm_source=bloomberg-menu\u0026amp;utm_medium=bcom\" data-element=\"tophat-link\" data-description=\"Tech At Bloomberg\" data-label=\"bcom\" tabindex=\"0\"\u003eTech At Bloomberg\u003c/a\u003e\u003c/li\u003e\u003cli class=\"bb-that-category__item\"\u003e\u003ca class=\"bb-that-category__link\" href=\"https://www.bloomberg.com/company/philanthropy/?utm_source=bloomberg-menu\u0026amp;utm_medium=bcom\" data-element=\"tophat-link\" data-description=\"Philanthropy\" data-label=\"bcom\" tabindex=\"0\"\u003ePhilanthropy\u003c/a\u003e\u003c/li\u003e\u003cli class=\"bb-that-category__item\"\u003e\u003ca class=\"bb-that-category__link\" href=\"https://www.bloomberg.com/company/sustainability/?utm_source=bloomberg-menu\u0026amp;utm_medium=bcom\" data-element=\"tophat-link\" data-description=\"Sustainability\" data-label=\"bcom\" tabindex=\"0\"\u003eSustainability\u003c/a\u003e\u003c/li\u003e\u003cli class=\"bb-that-category__item\"\u003e\u003ca class=\"bb-that-category__link\" href=\"https://www.bloomberg.com/london/?utm_source=bloomberg-menu\u0026amp;utm_medium=bcom\" data-element=\"tophat-link\" data-description=\"Bloomberg London\" data-label=\"bcom\" tabindex=\"0\"\u003eBloomberg London\u003c/a\u003e\u003c/li\u003e\u003cli class=\"bb-that-category__item\"\u003e\u003ca class=\"bb-that-category__link\" href=\"https://www.bloomberg.com/company/values/tech-at-bloomberg/bloomberg-beta/?utm_source=bloomberg-menu\u0026amp;utm_medium=bcom\" data-element=\"tophat-link\" data-description=\"Bloomberg Beta\" data-label=\"bcom\" tabindex=\"0\"\u003eBloomberg Beta\u003c/a\u003e\u003c/li\u003e\u003c/ul\u003e\u003c/section\u003e \u003csection class=\"bb-that-category\"\u003e\n \u003ch3 id=\"that-list--communications--12\" class=\"bb-that-category__title\"\u003eCommunications\u003c/h3\u003e\u003cul class=\"bb-that-category__content\" aria-labelledby=\"that-list--communications--12\"\u003e\u003cli class=\"bb-that-category__item\"\u003e\u003ca class=\"bb-that-category__link\" href=\"https://www.bloomberg.com/company/announcements/?utm_source=bloomberg-menu\u0026amp;utm_medium=bcom\" data-element=\"tophat-link\" data-description=\"Press Announcements\" data-label=\"bcom\" tabindex=\"0\"\u003ePress Announcements\u003c/a\u003e\u003c/li\u003e\u003cli class=\"bb-that-category__item\"\u003e\u003ca class=\"bb-that-category__link\" href=\"https://www.bloomberg.com/company/press-contacts/?utm_source=bloomberg-menu\u0026amp;utm_medium=bcom\" data-element=\"tophat-link\" data-description=\"Press Contacts\" data-label=\"bcom\" tabindex=\"0\"\u003ePress Contacts\u003c/a\u003e\u003c/li\u003e\u003c/ul\u003e\u003c/section\u003e \u003csection class=\"bb-that-category\"\u003e\n \u003ch3 id=\"that-list--follow--13\" class=\"bb-that-category__title\"\u003eFollow\u003c/h3\u003e\u003cul class=\"bb-that-category__content\" aria-labelledby=\"that-list--follow--13\"\u003e\u003cli class=\"bb-that-category__item\"\u003e\u003ca href=\"https://www.facebook.com/Bloomberglp\" class=\"bb-that-category__social-link bb-that--icon-facebook\" data-element=\"tophat-link\" data-description=\"Facebook\" data-label=\"bcom\" target=\"_blank\" rel=\"noopener\" tabindex=\"0\"\u003eFacebook\u003c/a\u003e\u003c/li\u003e\u003cli class=\"bb-that-category__item\"\u003e\u003ca href=\"https://www.instagram.com/bloomberg/\" class=\"bb-that-category__social-link bb-that--icon-instagram\" data-element=\"tophat-link\" data-description=\"Instagram\" data-label=\"bcom\" target=\"_blank\" rel=\"noopener\" tabindex=\"0\"\u003eInstagram\u003c/a\u003e\u003c/li\u003e\u003cli class=\"bb-that-category__item\"\u003e\u003ca href=\"https://www.linkedin.com/company/2494\" class=\"bb-that-category__social-link bb-that--icon-linkedin\" data-element=\"tophat-link\" data-description=\"LinkedIn\" data-label=\"bcom\" target=\"_blank\" rel=\"noopener\" tabindex=\"0\"\u003eLinkedIn\u003c/a\u003e\u003c/li\u003e\u003cli class=\"bb-that-category__item\"\u003e\u003ca href=\"https://twitter.com/bloomberg\" class=\"bb-that-category__social-link bb-that--icon-twitter\" data-element=\"tophat-link\" data-description=\"Twitter\" data-label=\"bcom\" target=\"_blank\" rel=\"noopener\" tabindex=\"0\"\u003eTwitter\u003c/a\u003e\u003c/li\u003e\u003cli class=\"bb-that-category__item\"\u003e\u003ca href=\"https://www.youtube.com/@bloomberglp\" class=\"bb-that-category__social-link bb-that--icon-youtube\" data-element=\"tophat-link\" data-description=\"YouTube\" data-label=\"bcom\" target=\"_blank\" rel=\"noopener\" tabindex=\"0\"\u003eYouTube\u003c/a\u003e\u003c/li\u003e\u003c/ul\u003e\u003c/section\u003e \u003c/li\u003e\n \u003cli class=\"bb-that__col bb-that__col--sm\"\u003e\n \u003csection class=\"bb-that-category\"\u003e\n \u003ch3 id=\"that-list--products--14\" class=\"bb-that-category__title\"\u003eProducts\u003c/h3\u003e\u003cul class=\"bb-that-category__content\" aria-labelledby=\"that-list--products--14\"\u003e\u003cli class=\"bb-that-category__item\"\u003e\u003ca class=\"bb-that-category__link\" href=\"https://www.bloomberg.com/professional/products/bloomberg-terminal/?utm_source=bloomberg-menu\u0026amp;utm_medium=bcom\" data-element=\"tophat-link\" data-description=\"Bloomberg Terminal\" data-label=\"bcom\" tabindex=\"0\"\u003eBloomberg Terminal\u003c/a\u003e\u003c/li\u003e\u003cli class=\"bb-that-category__item\"\u003e\u003ca class=\"bb-that-category__link\" href=\"https://www.bloomberg.com/professional/products/data/?utm_source=bloomberg-menu\u0026amp;utm_medium=bcom\" data-element=\"tophat-link\" data-description=\"Data\" data-label=\"bcom\" tabindex=\"0\"\u003eData\u003c/a\u003e\u003c/li\u003e\u003cli class=\"bb-that-category__item\"\u003e\u003ca class=\"bb-that-category__link\" href=\"https://www.bloomberg.com/professional/products/trading/?utm_source=bloomberg-menu\u0026amp;utm_medium=bcom\" data-element=\"tophat-link\" data-description=\"Trading\" data-label=\"bcom\" tabindex=\"0\"\u003eTrading\u003c/a\u003e\u003c/li\u003e\u003cli class=\"bb-that-category__item\"\u003e\u003ca class=\"bb-that-category__link\" href=\"https://www.bloomberg.com/professional/products/risk/?utm_source=bloomberg-menu\u0026amp;utm_medium=bcom\" data-element=\"tophat-link\" data-description=\"Risk\" data-label=\"bcom\" tabindex=\"0\"\u003eRisk\u003c/a\u003e\u003c/li\u003e\u003cli class=\"bb-that-category__item\"\u003e\u003ca class=\"bb-that-category__link\" href=\"https://www.bloomberg.com/professional/products/compliance/?utm_source=bloomberg-menu\u0026amp;utm_medium=bcom\" data-element=\"tophat-link\" data-description=\"Compliance\" data-label=\"bcom\" tabindex=\"0\"\u003eCompliance\u003c/a\u003e\u003c/li\u003e\u003cli class=\"bb-that-category__item\"\u003e\u003ca class=\"bb-that-category__link\" href=\"https://www.bloomberg.com/professional/products/indices/?utm_source=bloomberg-menu\u0026amp;utm_medium=bcom\" data-element=\"tophat-link\" data-description=\"Indices\" data-label=\"bcom\" tabindex=\"0\"\u003eIndices\u003c/a\u003e\u003c/li\u003e\u003c/ul\u003e\u003c/section\u003e \u003csection class=\"bb-that-category\"\u003e\n \u003ch3 id=\"that-list--industry_products--15\" class=\"bb-that-category__title\"\u003eIndustry Products\u003c/h3\u003e\u003cul class=\"bb-that-category__content\" aria-labelledby=\"that-list--industry_products--15\"\u003e\u003cli class=\"bb-that-category__item\"\u003e\u003ca class=\"bb-that-category__link\" href=\"https://pro.bloomberglaw.com/?utm_source=bloomberg-menu\u0026amp;utm_medium=bcom\" data-element=\"tophat-link\" data-description=\"Bloomberg Law\" data-label=\"bcom\" tabindex=\"0\"\u003eBloomberg Law\u003c/a\u003e\u003c/li\u003e\u003cli class=\"bb-that-category__item\"\u003e\u003ca class=\"bb-that-category__link\" href=\"https://pro.bloombergtax.com/?utm_source=bloomberg-menu\u0026amp;utm_medium=bcom\" data-element=\"tophat-link\" data-description=\"Bloomberg Tax\" data-label=\"bcom\" tabindex=\"0\"\u003eBloomberg Tax\u003c/a\u003e\u003c/li\u003e\u003cli class=\"bb-that-category__item\"\u003e\u003ca class=\"bb-that-category__link\" href=\"https://about.bgov.com/?utm_source=bloomberg-menu\u0026amp;utm_medium=bcom\" data-element=\"tophat-link\" data-description=\"Bloomberg Government\" data-label=\"bcom\" tabindex=\"0\"\u003eBloomberg Government\u003c/a\u003e\u003c/li\u003e\u003cli class=\"bb-that-category__item\"\u003e\u003ca class=\"bb-that-category__link\" href=\"https://pro.bloombergenvironment.com/?utm_source=bloomberg-menu\u0026amp;utm_medium=bcom\" data-element=\"tophat-link\" data-description=\"Bloomberg Environment\" data-label=\"bcom\" tabindex=\"0\"\u003eBloomberg Environment\u003c/a\u003e\u003c/li\u003e\u003cli class=\"bb-that-category__item\"\u003e\u003ca class=\"bb-that-category__link\" href=\"https://about.bnef.com/?utm_source=bloomberg-menu\u0026amp;utm_medium=bcom\" data-element=\"tophat-link\" data-description=\"BloombergNEF\" data-label=\"bcom\" tabindex=\"0\"\u003eBloombergNEF\u003c/a\u003e\u003c/li\u003e\u003c/ul\u003e\u003c/section\u003e \u003c/li\u003e\n \u003cli class=\"bb-that__col bb-that__col--sm\"\u003e\n \u003csection class=\"bb-that-category\"\u003e\n \u003ch3 id=\"that-list--media--16\" 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