Part 6/9:
Starbucks’ global ambitions haven't yielded the expected benefits. Markets such as Italy, China, and Australia have posed significant challenges, as local coffee cultures tend to emphasize sociability and leisurely enjoyment of coffee. In Australia, Starbucks faced a considerable setback, closing 61 of its original 87 stores, resulting in a staggering 70% failure rate. Similarly, Starbucks has lost ground in China, where a domestic competitor has propelled its expansion aggressively, leading to a sharp decline in profits.