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Showing posts from September, 2008

Specialty Coffee Drinkers Squeezed by US Slowdown

Reuters (via Forbes )  September 2, 2008  NICARAGUA - By Brian Harris  MANAGUA (Reuters) - Consumers pinched by a slowing U.S. economy are cutting back on expensive espresso drinks and choosing to drink brewed drip coffee to save money, the head of a U.S. specialty coffee group said Tuesday.   "In the middle range, the consumer is shifting away from espresso to drip products," Ric Reinhart, director of the Specialty Coffee Association of America, told Reuters at a regional coffee conference in Nicaragua .   In recent years, high-end   coffee shops   like   Starbucks   (nasdaq:   SBUX   - news   -   people   ) have exploded in popularity, selling pricey lattes at between $3 and $5 a drink.   But even the Seattle-based chain is planning to use more special deals and discounts to perk up its flagging U.S. coffee sales. Hurt by the economic downturn, Starbucks has closed 600 poorly performing stores and cut jobs across the country.   The shift away from fanc...