NEW YORK (AP) -- Looking to bring more value-seeking consumers through its doors for a late afternoon caffeine fix, Starbucks Corp. said it will now offer its morning customers any iced grande beverage for $2 after 2 p.m.
The price is a big cut from the normal price of most grande-sized iced drinks. A grande iced latte, for example, costs about $4. To get the discount, customers must present a receipt from their morning Starbucks (SBUX, Fortune 500) visit.
The promotion was previously only offered in Seattle, Chicago and Miami. The company said it is taking it nationwide beginning Tuesday to answer consumers' calls for more value at the chain, which has seen traffic drop as gas prices rise and consumer spending falters. It runs until Sept. 2.
"I think we've kind of hit the nail on the head," said Brad Stevens, vice president of customer relationship management. "It's easy for baristas to implement and it's easy for customers to understand."
Because a free, tall, iced coffee on Wednesdays was a veritable differential equation to solve.
Perhaps Brad is casting aspersions at the Starbucks card rewards?
Either way, I'm going to lunch now to save $0.35 on my junkie-treats.