Like any entrepreneurial venture, Starbucks has faced numerous challenges:
Market Saturation: Rapid expansion led to market saturation in some areas, which Starbucks addressed by closing underperforming stores. Economic Downturns: Economic recessions have impacted consumer spending, forcing Starbucks to adapt its pricing strategy. Competition: The coffee industry is highly competitive, with numerous local and international brands vying for market share. Ethical Sourcing: Ensuring ethical sourcing of their coffee beans has been a significant challenge, but Starbucks has tackled this through their C.A.F.E. Practices program.