LOS ANGELES (Reuters) – Starbucks Corp is testing $1 coffee and free refills in its Seattle outlets as the global gourmet coffee chain grapples with slower consumer spending and rising competition from fast-food rivals.Company shares were up at midday on the Nasdaq, rising 2.3 percent, or 43 cents, to $19.11.Starbucks is experimenting with a smaller, “short” $1 cup as well as free refills for brewed coffee. Starbucks charges around $1.50 to $4.00 for a coffee, depending on size and flavor.
In a statement, Starbucks said, “This test is not indicative of any new business strategy.”
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