Can Starbucks be turned around?

Investors cheered when Brian Niccol was named chief executive of Starbucks last August. Mr Niccol, then the boss of Chipotle Mexican Grill, a restaurant group, had earned an almost messianic reputation for turning around struggling hospitality businesses. The world’s biggest coffee chain, increasingly derided for its tired stores, slow service and pricey brews, desperately needed such a saviour.