Starbucks is closing Teavana stores in Baton Rouge and Metairie as it shutters all 379 locations worldwide in the upcoming year in a shift by the coffee giant away from locations based in shopping malls. Numerous underperforming locations were in malls, which itself are struggling nationwide-CNN cites a Credit Suisse report predicting up to 25 percent of Americans malls are expected to close within five years. Many of them will be shut down by next spring.
Submit your Newswire tips here. "As a result, we will be closing all 379 of our Teavana mall stores over the coming year".
CEO Kevin Johnson cited declining foot traffic in malls as the reason for the closure, which are the main location for Teavana stores.
So, maybe it's not that we're not so into tea, it's just that we don't need a special spot for it?
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.
Competition has intensified in the US restaurant industry, making it challenging for chains to get customers to visit their stores more often.
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In its Asia unit, Starbucks' sales rose just 1 percent at established locations during the three-month period. "Starbucks' growth potential in China is unparalleled", said Johnson.
Starbucks said earlier on Thursday that it plans to make another major investment in China.
Analysts expected, however, sales of 5.76 billion $ during the quarter.
For the quarter, Starbucks Corp. earned $691.6 million, or 47 cents per share.
The company trimmed its adjusted earnings per share forecast to between $2.05 and $2.06 per share.
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