In2016, Howard Shultz announced that he would step down as CEO of Starbucks to establish luxury coffee shops that would charge as much as $12 for a cup of coffee. Although some analysts questioned whether many consumers would be willing to pay such high prices for coffee, Erich Joachimsthaler, an executive at a brand-strategy consulting firm, believes the projects could be successful. Joachimsthaler compared the market for coffee to the market for beer, which has experienced competition from small craft breweries. "They [established companies such as Coors and Anheuser-Busch InBev] never protected themselves from the high end... I think Starbucks sees that the middle is slowing down."Source: Julie Jargon, "Middle-Market Woes Inspire Starbuck's Bet on Luxury Coffee," Wall StreetJournal,December5,2016.