Huge promotions have always been a staple of retailers during the holiday season. Now Starbucks Corp. (NASDAQ: SBUX) is capitalizing on the holiday cheer — not just with pumpkin spice lattes — and launching its biggest giveaway ever with Project Give Good.
Starting December 4, Starbucks will surprise customers by handing out $1 million worth of Starbucks Cards throughout the month of December, grant instant Gold status in Starbucks Rewards to anyone who makes a purchase using their mobile app or a registered Starbucks Card, and launch its fourth annual Starbucks for Life Sweepstakes.
Over the course of this month, Starbucks baristas across the country will be giving away a total of 50,000 $20 Starbucks Cards at community celebrations such as tree lighting ceremonies and local caroling events. The locations and dates of the Starbucks Card giveaways will vary.
Apart from the gift card promotion, customers that make a purchase at Starbucks using their mobile app or a registered Starbucks Card in December will automatically earn Gold status in Starbucks Rewards for a year.
Kris Engskov, executive vice president of U.S. Retail for Starbucks, commented:
The inspiration behind Project Give Good is simple, we want to brighten the holidays and delight our customers. We hope the gift of a Starbucks Card will give customers the opportunity to take a break or catch up with a loved one over coffee.
The holidays are here and good is in the air. We hope Project Give Good will continue all the good in our communities and keep it going and growing, because good is contagious and giving is too.
Excluding Monday’s move, Starbucks had underperformed the U.S. broad markets, with its stock up only 3% year to date. Over the past 52 weeks, the stock is actually down 2%.
Shares of Starbucks were last seen up 2.6% at $58.80, with a consensus analyst price target of $61.95 and a 52-week range of $52.58 to $64.87.