Starbucks Brews Up Changes

"We're in a tougher economic time and we need to do things a little bit differently," said Schultz.

Despite all the obstacles confronting Starbucks, investment strategist Edwards thinks Schultz can succeed in recapturing the soul of Starbucks. "Today, they are focused on being the best espresso in the neighborhood and that's important."

For the Brooklyn-born Schultz, he is ready to confront the challenges ahead for the company he has led for so long.

"It's easy to say we're down and they're never going to come back," he said. "There's part of me, I don't wish this, but there's part of me that kind of likes the position of people counting us out and being the underdog again, because we are going to prove them wrong, I promise you."