Starbucks Files For Application To Use Name On Event Centers

According to reports, Starbucks filed an application on the 1st of June with the US patent and trademark office for the rights to use its name on stadiums and training centers.

If this request is approved, Starbucks will join the league of companies that are corporate sponsors of event centers, stadiums, or sports arenas. Companies are eager to pay a lot of money on the brand awareness that accompanies the association of its name with a popular high-profile venue. 

Last year, Amazon spent about 300 million dollars to display its name in an arena in Seattle.

A spokesperson for the company has said that no more details on this development will be shared. However, according to the details of the filing, Starbucks is seeking approval to use its name to promote sports, business, and entertainment events, as well as provide training facilities, and stadiums for sports or entertainment activities.

Founded in 1971, Starbucks is the largest coffee house chain in the world, and with over 32,660 stores in 83 countries, it has proven to be a massive success. 

Recently the coffee giant has encountered challenges with meeting customer demand, which resulted in the coffee chain having to put about 25 items on their menu on hold. This scarcity has likely been brought on by the pandemic and affects items like hazelnuts, green iced tea, oat milk, caramel, lemonade, and toffee nut syrup. Customers have been reporting their dissatisfaction with the development all over social media.

The company's numbers have still been going on strong. In its recently released financial report, net revenue for the second quarter 2021 fiscal year stood at 4.7 billion, an 8% growth from the corresponding period in 2020.

Shares of the company (SBUX) are currently trading on NASDAQ for $112.47, giving the company a market capitalization of $132 billion.