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Fortune

Eva Roytburg

Starbucks chases Gen Z nostalgia, betting $1 billion on plan to bring back the ‘third place’

Starbucks Brian Niccol Ray Oldenburg

A young person with yellow hair and wired headphones walks in front of the Starbucks coffee shop, looking in. (Credit: Victor J. Blue—Bloomberg/Getty Images)

Starbucks is betting big on nostalgia.

On Thursday, the coffee giant unveiled a $1 billion restructuring plan that will shutter more than 100 North American cafés, cut 900 non-retail jobs, and remodel over 1,000 locations.

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