Press Release: Starbucks Increases Number of U.S. Company-Operated Store Closures as Part of Transformation StrategyStarbucks has announced ... a decision to close approximately 600 underperforming company-operated stores in the U.S. market.
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Starbucks now expects to open fewer than 200 new U.S. company-operated stores in fiscal 2009.
In April Starbucks had announced plans to expand by about 400 net stores per year through 2011. This is a substantial cut from that plan.
This is more bad news for strip mall owners ...
Bad news for Downtown too?
I've been meaning to write Part 2 pf my post on mass transit and Downtown, but with all of the truly terrible economic news coming out lately, I think I'm going to take a look at the current economic climate and how it may impact Downtown development. It's a good bet that in the short term we're going to take a hard hit, but in the long term expensive oil and the weak dollar may end up helping Downtown. More on this whenever I can find the time to sit down and write a long post...
Update: 600 closed stores = 12,000 lost jobs. Yikes.
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3 comments:
You kind of had to see the Starbucks thing coming I would think. I know back in Chicago they opened up a store on every single corner, sometimes 2 or 3 locations within walking distance of one another.
I really enjoyed your first piece on mass transit, especially the part dealing with people driving and it being a habit/status symbol per se.
This is way after the fact, but I bet Starbucks could save thousands of dollars if they turned down the air conditioner at their 6th and Grand store....
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