BYND
Are we still living with headlines like these?
Beyond Meat, shares drove to a double-digit gain after McDonald's (MCD) announced the rollout of the Double McPlant across the UK and Ireland. "After a successful launch last year, McDonald's is rolling out the new Double McPlant in all restaurants across the UK & Ireland from Wednesday, January 4, 2023," the fast food chain said in an announcement on Thursday. "This twice-as-nice burger is the answer to fans' pleas, featuring not one, but two of the much-loved, juicy Beyond Meat patties."
SBUX DOES IT AGAIN
Starbucks is updating its reward program again, making it more challenging for customers to score free coffee with "stars," or points, in 2023. The last structural change was in 2019, and consumers were not happy.
Why the change? Starbucks told Yahoo Finance, "We occasionally need to make changes to ensure the long-term sustainability of the Starbucks Rewards program and to meet the changing needs of our members." Stay ahead of the market. Effective February 13, reward members will need 100 stars, up from 50, to get a free hot or iced coffee, tea, bakery item, packaged snack, or a plastic to-go cup. Previously, iced coffee or tea was not included in this level. The next tier is 200 stars, formerly 150, to score a handcrafted beverage like a latte, Frappuccino, or any hot breakfast item. 300-star customers can get a packaged salad, lunch sandwich, or protein box to round out the updates. The 300-star tier will also include packaged coffee (a bag of whole beans to make at home), which was previously 400 stars.
FAST ACT
Fast-food restaurants in California have been given a reprieve from the state's implementation of the Fast Act wage law on January 1, resulting from a surprise decision Friday by a state court. The Superior Court of Sacramento issued a temporary restraining order on Friday to block the measure's adoption less than 48 hours before it took effect. The judicial body decided that the first-of-its-kind law should not be implemented until the court hears a lawsuit filed Thursday by a coalition looking to overturn the legislation via a referendum on the November 2024 state ballot. The hearing is scheduled to begin on January 13. Under California's constitution, laws put to a referendum are suspended until voters decide whether to keep or kill the measures. But a state regulatory agency stunned the restaurant industry by deciding it would go ahead and implement the Fast Act, technically known as AB 257, on January 1, or nearly two years sooner than expected.
