Overexpansion? Stagnant growth? Starbucks will close 150 stores next year in the hope of China
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Starbucks, the coffee chain, announced that it would close 150 stores in the United States in fiscal year 2019. This figure is three times the number of stores closed in previous years.
Growth is expected to slow in the third quarter of this year.
Starbucks currently has about 14000 stores in the United States. The company expects global sales to grow by only 1% in the third quarter of this year, the worst performance in nearly nine years. Kevin Johnson, president of Starbucks, said that while some markets are facing adverse conditions and some raw material costs are rising, now is the right time to invest in the future.
In addition, Starbucks plans to more than double its revenue in China over the next five years and open a new store in China every 15 hours by 2022.
[Starbucks will close 150 stores next year] Starbucks is also going to close? Starbucks announced on Tuesday that it will close its 150 stores next year. According to the company, the stores that were closed were branches that did not perform well. But that is nearly three times the number of Starbucks stores that are eliminated each year. And Starbucks is reported to have told investors that same-store sales are expected to grow by just 1% in the coming quarter.
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