Working remotely at a coffee shop has been a practice ever since working remotely first became possible. And coffee giant Starbucks (SBUX) was a popular destination for remote workers who wanted a relaxing place to work their keyboards. But in South Korea, some are taking this a bit too far, and trying a bit too hard to make Starbucks more like their office. This resulted in the most bizarre corporate pronouncement ever made in at least the last day or two, and sent Starbucks shares down fractionally in Monday afternoon’s trading.
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A Starbucks Korea representative basically had to tell Starbucks patrons to leave their bulky office supplies at home. This, reportedly, included everything from full-size printers to office divider walls. Apparently, Korean remote workers are trying to build their own cubicles at Starbucks. The representative said, “While laptops and smaller personal devices are welcome, customers are asked to refrain from bringing desktop computers, printers, or other bulky items that may limit seating and impact the shared space.”
The policy started as the result of “cagongjok,” the name for a trend in South Korea that reflects remote work interest, specifically, working from cafes. With South Korea currently serving as Starbucks’ third-largest market behind China and the United States—over 2,000 outlets strong and counting—it is little surprise that Korean workers would have an interest in working from a Starbucks.
“Park Days and Lattes”
Meanwhile, Starbucks rolled out a new set of collector cups backed up by no less than Disney (DIS) itself. The collection, known as “Park Days and Lattes,” actually started showing up on a limited basis back around August 1, but availability is still somewhat spotty, suggesting some soft launches may have taken place. There are reportedly three kinds of merch available with this line, including a ceramic tumbler for $27.99, a metal tumbler with coffee cup charm for $39.99 and a canvas bag for $29.99.
The tumblers feature pumpkins arranged in the classic three-circles shape that looks very much like Mickey Mouse in silhouette. Backgrounds of fall leaves and gourds round out the picture, and it tries to evoke the classic fall feelings of warmth and coziness while most of us are still sweating in the August heat.
Is Starbucks Stock a Good Buy?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on SBUX stock based on 13 Buys, nine Holds and two Sells assigned in the past three months, as indicated by the graphic below. After a 19.59% rally in its share price over the past year, the average SBUX price target of $99.96 per share implies 9.63% upside potential.
