During the economic downturn beginning in 2008,
profits plunged. Customers complained that the company
had lost its hip, local feel and had become more
like a fast-food chain. Many coffee drinkers went in
search of cheaper alternatives from McDonald's and
Dunkin' Donuts for their coffee fixes. Starbucks stock
lost over 50 percent of its value by the end of 2008.
Major changes were in order.
friendly and knowledgeable servers, and customer friendly
coffee shops. This was a winning formula
for many years and enabled Starbucks to charge
premium prices.