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Starbucks' Teavana stores are the latest casualty at the mall
29 July 2017, 12:35 | Ruby West
Pedestrians walk past a Starbucks Corp. store in the Luohu district of Shenzhen China in 2014
Among its 379 stores, Teavana has several locations throughout North Texas, including one in Plano's Shops at Willow Bend and another in Frisco's Stonebriar Centre.
The closures are expected to affect more than 3,000 employees over the next few months. "We conducted a strategic review of the Teavana mall-based store business and concluded that despite our efforts to reverse the trend through creative merchandising and new store designs, the underperformance was likely to continue".
American coffee house chain Starbucks is set to make a long-term investment in China, which is its fastest-growing market outside the United States, after the Seattle-based company posted quarterly profit that just matched analysts' estimates on Friday.
Tea time's over for Starbucks Coffee's Teavana stores in South Florida.
However, Starbucks reported disappointing revenue and comparable sales growth on Thursday in its third quarter earnings report with the Teavana chain partially to blame.
On Thursday, Starbucks CEO Kevin Johnson noted declining foot traffic at malls.
But not all retail locations are dying out with the mall meltdown. Starbucks purchased Teavana five years ago.
This is not new for Starbucks, they've also bought, but then shuttered, bakery chain La Boulange.
"[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 said it plans to be operating 5,000 stores in China by 2021.
Twitter users referenced the high price of Teavana products and the fact that not as many in the USA drink tea. Starbucks will continue to sell Teavana drinks in its Starbucks stores as well as bottled Teavana drinks in grocery stores.
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