Some of the plans are already in motion. 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.

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.

Starbucks has been struggling with declining sales since last year as high prices and long wait times drove customers away.

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.