Starbucks Corp., the company that brought $4 lattes to the masses, said Thursday it plans to introduce a line of instant coffee.
The Via soluble coffee product, which the company plans to unveil on Tuesday, marks Starbucks latest bid to appeal to a broader range of coffee drinkers amid a sagging economy that is sapping interest in its pricey, high-end coffee drinks.
The Seattle-based company says Via replicates the taste of Starbucks coffee in instant form and will be available next month after more than 20 years in development.
Instant coffee products such as Nescafe were popular decades ago in the United States and remain popular in parts of Europe and Asia.
Starbucks said in a statement that the instant coffee market remains a $17 billion global coffee market.
The instant coffee will sell at its cafes for $2.95 for a pack of three, and $9.95 for a pack of 12, The Wall Street Journal reported on its Web site.
Last month, Starbucks announced plans to cut as many as 6,700 jobs and close 300 more stores, following disappointing earnings for its quarter ended Dec. 28.
In recent months, the company also has unveiled other efforts to boost business, including announcing plans to add $3.95 value meal options.
