Starbucks issues first Groupon coupon
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Starbucks CEO Howard Schultz speaks Wednesday at the company's annual shareholders meeting.
Starbucks Corp., the world's largest coffee-shop operator, today issued an online coupon though deal website Groupon Inc. in a bid to bring new customers into its U.S. and Canadian stores.
"It was just a really great offer for us to be able to give to our customers," Linda Mills, a spokeswoman for the Seattle-based brewer, said. This is the first time that Starbucks has used Groupon, she said.
Customers who spend $5 on the coupon get a printable gift card to use in stores for $10. More than 100,000 of the Groupon deals have been sold so far, Mills said. She declined to say how many of the coupons were available for purchase.
After the Starbucks deal was introduced, the site to buy it stopped working.
"We're experiencing a huge reaction to the offer, so it's temporarily down," Mills said. "It should be up and running very soon."
Starbucks rose 0.6 percent to $57.38 at the close in New York. Groupon jumped 5.9 percent to $5.74.
Last year Starbucks did similar deals through Google Inc. and LivingSocial. The coffee seller has more than 11,100 shops in the U.S. and about 1,190 in Canada.
--Editors: Kevin Orland, Robin Ajello
To contact the reporter on this story: Leslie Patton in Chicago at lpatton5bloomberg.net
To contact the editor responsible for this story: Robin Ajello at rajellobloomberg.net
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