With its 'Back to Starbucks' strategy, Starbucks is testing new store designs and refining its menu. It's also adding more power outlets and seating.

As Starbucks tries to revive its faltering business in China, analysts say strategic partnerships and returning to its roots as a place where customers come for a coffee "experience" offer the best bet to beat intense competition and deflationary woes.

In Starbucks cafes, he’s dropped menu items. He’s created delineation between “to-go” and “for here” customers, the latter of whom get their coffee served in ceramic mugs. Niccol also announced sweeping layoffs in an effort to cut the corporate payroll.

The "third space" is getting a potential new look, according to Starbucks CEO Brian Niccol. The exciting news was shared by Niccol today as part of the coffee shop's virtually hosted 33rd Annual Meeting of Shareholders.