Starbucks has opened its first location in Italy, offering an immersive coffee experience. The new location is both innovative and beautiful featuring new menu items made specifically for the area.
Starbucks in Milan
The new location of Starbucks is in Piazza Cordusio in Milan, Italy. The new location is named the Starbucks Reserve Roastery Milan. There are currently only two other roastery style locations in the world, one is in Shanghai and the other in Seattle. To commemorate the new location Starbucks across the United States will offer a new menu item, the “Cordusio”. The Cordusio is an espresso mocha with cocoa powder.
The new location boasts an immersive coffee experience. Featuring a wood main bar with Italian fluting and marble from Tuscany. As well as an Arriviamo bar where food and cocktails are available. Many of the options that are present are the product of extensive study in the area. Catering to the palate of the European environment. Among the flashier equipment available on site are a Scolari coffee roaster and an affogato station which will serve made-to-order single-batch ice cream made fresh daily.
The Roastery’s opening was accompanied by orchestral performances and live opera. The day of the opening was slightly disrupted by rain but continued to progress normally indoors where guests were greeted with not only food and drink but a performance of “The Barber of Seville”. The new location has been open since September 7th of 2018.
The roastery is offering jobs for 300 Milanese locals. In preparation for opening three months in advance, the new workforce went into training. Preparing them for their new positions as “partners”, what Starbucks refers to their employees as. Starbucks’ apprenticeship program currently has 6 apprentices enrolled, a program which has won multiple awards throughout its tenure. Unemployment in Italy is around 10% so any new career opportunities are welcome.
Starbucks is partnering with Fondazione Don Gino Rigoldi and La Scala Academy to provide Milanese youth from disadvantaged areas with education and career opportunities. The foundations and institutions offer both scholarships and other incentives to benefit those with an interest in the field. These programs expect to help people in the area as well as create lifelong partners with new careers.
Real Estate in Milan
Milan, the capital of Lombardy as well as the financial and fashion capital of Italy is a great area for real estate investment. The people in Milan take pride in both their image and wealth, often working for industries which have higher incomes. Milan made the top 50 cities list of Mercer’s Quality of Living Survey. The only Italian city to even make the list.
For those living near the location, the expectation is that property values will rise. As has been seen in the US homes near Starbucks tend to see an increase in value higher than other homes in the same span of time. In a study conducted by Zillow, it was found that between 1997 and 2013 homes near the coffee shops saw an average increase in value by 96%.
Comparing this to the country-wide average of 65% in that same time span raises questions. Does this mean that locations are in areas with stable economies or rate of appreciating home values? Or does this mean that the value of a property is increasing due to the presence of a popular company? The downside to this being that with rising property values there is also an increase in property taxes. However, the value of the property may at times surpass the weight of the taxes.
There is no expectation of property values falling in Milan anytime soon. As expatriates, internationals and business professionals seek to invest and live in the area due to its prominence. In addition to the area’s fashion, its finances are secure and its values continue to rise.