Starbucks' new CEO Brian Niccol said on a letter on Tuesday that he "deeply respects" the right of the coffee chain's workers to choose to be represented by a union, and that he was committed to "engage constructively.

Starbucks Corp. Chief Executive Officer Brian Niccol said he’s committed to bargaining in “good faith” with the union representing workers at about 500 stores.Most Read from BloombergEric Adams' Vanishing Promise to Fix NYC's 'Unfair' Property TaxesWaiting for the Miracle of Church-to-Housing DevelopmentUnlocking the Hidden Power of Zoning,

Starbucks’ chief is going old school, and the thrust of his changes are very much a return to three-time CEO Howard Schultz’s vision. And while he’s set the tone for remote work and Starbucks stores,

Starbucks' growth potential is limited by its already extensive global footprint and competitive market. See why I reiterate my hold rating on SBUX stock.