Starbucks follows a chain business model, building its brand through its owned stores.
And its owned stores are also where most of the revenue is generated.
In addition, the owned stores are a great asset to keep experimenting with new products while maintaining tight control over the customer experience.
Indeed, in 2022, of the over 18K owned stores, Starbucks generated over $26.5 billion in revenue.
Yet, its licensing operations are also critical to further amplifying the brand while generating royalties at much lower operational costs than owned stores.
In addition, Starbucks’ main revenue driver is comprised of beverages which generated over $19.5 billion in 2022, followed by food, which generated over $3.5 billion in the same year.
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