Starbucks to close 400 stores, expand pickup only locations
Over the next 18 months, Starbucks plans on closing up to 400 stores in the United States and Canada, while at the same time opening 300 locations strictly for picking up beverages and food.
The company also revealed on Wednesday that it expects to lose $3.2 billion in its third quarter, which ends June 28.
In an email Wednesday, Starbucks told CNN Business data shows that roughly 80 percent of transactions at close to 15,000 U.S. stores are "on-the-go" purchases. Its "innovative" new Starbucks Pickup locations will cater to those customers while also limiting the number of people in a store.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Starbucks wrote in its latest SEC filing that these changes will "enhance the customer experience, expand our retail presence, and enable profitable growth for the future." As of Wednesday, the company has reopened 95 percent of its stores that were closed in March due to the coronavirus pandemic.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Catherine Garcia is night editor for TheWeek.com. Her writing and reporting has appeared in Entertainment Weekly and EW.com, The New York Times, The Book of Jezebel, and other publications. A Southern California native, Catherine is a graduate of the University of Redlands and the Columbia University Graduate School of Journalism.
-
Expressionists: a 'rousing' exhibition at the Tate Modern
The Week Recommends Show mixes 'ferociously glowing masterpieces' from Kandinsky with less well-known artwork
By The Week UK Published
-
The Mighty Five: a guide to Utah's mesmerizing national parks
The Week Recommends From Arches to Zion, you should wander them all
By Catherine Garcia, The Week US Published
-
How is your mortgage rate determined?
The Explainer The Federal Reserve is partly to blame, but so are various personal financial factors
By Becca Stanek, The Week US Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published
-
Disney and DeSantis reach detente
Speed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
By Peter Weber, The Week US Published
-
Visa and Mastercard agree to lower swipe fees
Speed Read The companies will cap the fees they charge businesses when customers use their credit cards
By Peter Weber, The Week US Published
-
Reddit IPO values social media site at $6.4 billion
Speed Read The company makes its public debut on the New York Stock Exchange
By Peter Weber, The Week US Published
-
Housing costs: the root of US economic malaise?
speed read Many voters are troubled by the housing affordability crisis
By Peter Weber, The Week US Published
-
Feds cap credit card late fees at $8
speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
By Peter Weber, The Week US Published