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Target and Starbucks Are in Trouble. So They’re Teaming up on an Exclusive New Drink

The new drink is available first to Target Circle 360 members and is part of Starbucks' six-drink holiday menu exclusive to Target store locations nationwide.

  • Target launches a Frozen Peppermint Hot Chocolate on Monday, Nov. 18, with Target Circle 360 members trying it starting that day, and general availability beginning then.
  • Target and Starbucks launch the Frozen Peppermint Hot Chocolate on Tuesday, Nov. 18, which joins Starbucks' holiday menu with six other drinks including Iced Gingerbread Oatmilk Chai.
  • The Frappuccino-style drink blends mocha sauce, milk and ice, topped with peppermint-flavored whipped cream and red and green sprinkles, priced at $5.95 for a grande size.
  • Timing of the rollout aligns with Target's earnings report on Wednesday and follows Target's announced cuts of 1,800 corporate jobs and Starbucks' September store closures.
  • Amid recent upheaval, Starbucks closed hundreds of stores in September, forming part of the wider company backdrop as the holiday menu rolls out this year.
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King5 News broke the news in Seattle, United States on Monday, November 17, 2025.
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