The Starbucks Frappuccino has met its nemesis: wellness

It’s officially summer in the northern hemisphere, which can only mean one thing: The people want their caffeinated drinks on ice.

But Starbucks, perhaps the most famous purveyor of slushy coffee milkshakes, is running into a problem: Frappuccinos are falling out of favor. At an investor presentation early this week, Starbucks CEO Kevin Johnson revealed that sales of the signature drink had declined 3%, after growing as much as 17% in 2015. And the reason? Wellness.

Johnson pointed to the...

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