For someone in Seoul, Korea’s capital city, what could be a better way of enjoying delicacies like bibimbap and kimchi than gulping them down with a cup of favorite variety of Starbucks Corporation (NASDAQ:SBUX) coffee? And it is even more justified to show brand loyalty now after Starbucks was hailed along with Samsung and Lotte Group on September 2nd, 2014 as by the country’s President, Park Geun Hye, as being a protagonist of women empowerment.
Coffee is an inseparable part of Korean culture and this explains the meteoric rise in the popularity of Starbucks Corporation (NASDAQ:SBUX) which operates close to 300 outlets in the capital city alone, the first having been inaugurated in 1999. Of course, the collaboration with Shinsegae, a local franchise of departmental stores has helped tremendously but at present the brand is poised at an enviable position wherein it is sought-after because of its beverage as also its high market-value.
Says Daniel Jong Schwekendiek of Sungkyunkwan University –
“A paper cup from Starbucks and other franchises has become a status symbol when walking down the street – similar to carrying a famous brand handbag.”
Adding to its wonderful image is the fact that Starbucks Corporation (NASDAQ:SBUX) turned out to be one of the few companies that rehired as many as 100 moms who had had to quit owing to motherhood responsibilities. This move was particularly hailed by the Korean President in view of her efforts to create millions of new jobs for women by February 2018. Given that the country is facing a likelihood of a major shrink in its work-force over the coming years, economists like Kim Kyung Soo feel –
“The shrinking workforce is the biggest risk to growth in the mid-to-long run. The only countermeasure to that risk is bringing more women into workforce.”
For women, not only does this imply a dual income in the household and significant reduction in debt, but also a healthy family life. For women like Kim, who is currently a school teacher and had to struggle a lot to find employment after having raised her children, companies like Starbucks Corporation (NASDAQ:SBUX) offer an opportunity that enable all-round growth. According to her –
“Women must have their own career life not only to improve family finances and the national economy, but also for the sake of their children.”
This article has been written by Vinita Basu.