Monday, 16 July, 2018

Starbucks closing 150 stores

The company closed over 8,000 stores in the United States for the afternoon to conduct racial-bias training for its employees following an incident invo Starbucks to Close 150 Stores in Big U.S. Cities Due to High Minimum Wage Strict Regulations Kyodo News via Getty Images 19 Jun 2018
Melody Ballard | 20 June, 2018, 20:03

Starbucks announced Tuesday that it is closing 150 of its US stores in the next year, three times as many as the chain normally closes in that time period.

It is also putting the brakes on the rate of new store growth, closing about 150 under-performing company-operated stores, up from an average of 50 closures a year recently, and by slowing the number of new stores operated by third-party licensees. Notably, as from 2019, it plans to shift its focus for new stores in the U.S. away from areas where it already has a strong presence and to underserved markets.

Starbucks Corp. said it will close more coffee shops in the increasingly crowded USA market where it was a pioneer.

Here, Johnson says the company still has work to do to improve in-store efficiently and make the most out of its loyalty programs.

The company anticipates lower net new store growth in the United States for fiscal 2019 and said it would take steps to address rapidly changing consumer preferences by introducing new beverages, focusing on growing health and wellness trends.

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"Our recent performance dos not reflect the potential of our exceptional brand and is not acceptable", he said.

The company faced a backlash earlier this year when two black men were arrested at one of the company's Philadelphia locations when staff called the police.

"It seems fairly clear that the low-hanging fruit on causing everybody to get addicted to their (Starbucks) fantastic products is kind of in the rear-view mirror", said Tony Scherrer, director of research at Smead Capital Management".

"We have a line that we'd love to share with our customers later this year, so it is in our plans", she said. That prompted Starbucks, whose executive chairman and founder and former CEO Howard Schultz is leaving the company next week, to give investors an in depth update on its plans to kickstart growth.

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