Starbucks to close all 379 of its Teavana stores and focus on expansion in China
29 July, 2017, 00:30
Starbucks is closing all of its 379 struggling Teavana stores, which means St. Clair Square mall in Fairview Heights will say goodbye to another retailer. The company said numerous Teavana stores, which are mainly based in malls, "have been persistently underperforming".
While closing its Teavana stores might seem like a drastic move, consumers shouldn't worry too much about Starbuck's overall well-being.
Five years ago Starbucks acquired La Boulange bakery and Teavana Holdings, Inc. with the expectation that the companies would allow it to innovate with new products, enter new categories and expand into new channels of distribution.
RBC Capital Markets analysts said about 36% of the company's US revenue in the third-quarter came from Starbucks rewards members, which makes the stall in user growth a cause for concern.
Starbucks plans to shutter all its Teavana stores as it seeks to improve its financial performance. The Canadian company has come out strong since its IPO two years ago, with a total of 232 stores in the US and Canada. The Seattle Tribune reports the 3,300 affected Teavana employees will be able to apply for positions at Starbucks stores.
"[It's] clear that the winners coming out of this are going to be those companies who find elegant ways to bring an in-store experience together with a digital experience", Johnson said.
Starbucks Corp.'s decision to close all 379 Teavana stores marks the latest mall retail outpost to meet its end.
ABQ Uptown has seen a number of businesses close in recent months, including Bebe's, Marcello's Chophouse and, most recently, Alfred Angelo.
However, most of that growth is taking place overseas, particularly in China.
Teavana hot and iced teas will still be sold in Starbucks' namesake stores.
Starbucks shares fell $1.25 to $58.25 in extended trading.
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