Starbucks Is Closing Many Locations, Are QC Stores On The Chopping Block?
As much as I love coffee, it's never made sense to me that there's a Starbucks store on practically every corner and in many Target stores as well. With such a saturated market, they can't all be successful, so it comes as no surprise that Starbucks has announced they are set to close 150 of their shops in 2019.
According to CNN Money, the locations set to shut their doors are all "poorly performing." The company has suffered lately due to the fallout from the arrests that took place at their Philadelphia store and is expected to only show 1 percent growth in their next quarter.
"Our recent performance does not reflect the potential of our exceptional brand and is not acceptable," Starbucks() CEO Kevin Johnson said in a statement. "We must move faster to address the more rapidly changing preferences and needs of our customers."
So the question remains- which stores will close? Are QC stores performing poorly? It's hard to say, but we'll be on the lookout for any potential announcements. I'm guessing we would be hearing something sooner rather than later.