Starbucks Seeks to Slash Million-Dollar Store Upgrade Costs (1)

Starbucks Corp. is looking to cut how much it spends upgrading stores, which could help address investor anxiety over the price tag of turning the chain around.

Starbucks had been spending $800,000 to $1 million for each store remodel, Chief Executive Officer Brian Niccol told staff in a companywide meeting, according to a recording viewed by Bloomberg News. The coffee chain is looking at ways to bring down costs for these renovations, which might involve major changes such as electrical or plumbing upgrades.

Separately, the company came up with a new strategy to refresh stores for about $150,000 each or ...